New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Emerson Electric Employees: Navigating the Rising Costs of College Tuition for Your Family

Healthcare Provider Update: Healthcare Provider for Emerson Electric: Emerson Electric primarily partners with UnitedHealthcare for its employee healthcare needs. This partnership offers a range of health plans that provide comprehensive coverage for its workforce, supporting both individual and family health requirements. Healthcare Cost Increases in 2026: As we approach 2026, healthcare costs for employees at Emerson Electric are poised to rise significantly due to a confluence of factors. With anticipated premium hikes in the Affordable Care Act (ACA) marketplace exceeding 60% in some states, many employees could face sharp increases in their out-of-pocket costs. The expiration of enhanced federal premium subsidies is expected to exacerbate the situation, potentially resulting in over 75% increases for a majority of marketplace enrollees. Consequently, it will be essential for Emerson Electric to strategize on healthcare benefits to mitigate the impact on their employees as they navigate these escalating costs. Click here to learn more

It doesn’t take a degree in finance to see the cost of college continues to rise.

In its 2017 report, the College Board showed that public four-year institutions raised prices an average of 3.2% annually between the 2007-08 and 2017-18 school years. Put another way, a $5,000 education in 2007-08 would cost $6,851 in 2017-18.

For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. For our Emerson Electric clients who are parents you may already know, generally, the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.

For Emerson Electric employees who have children approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year college.

For Emerson Electric employees who already put money away for college, the worksheet will take that amount into consideration. For Emerson Electric employees who haven’t, it’s never too late to start.

Resources

There are a number of resources that can help individuals prepare for college. The U.S. government distributes certain information on colleges and costs. Here are two sites for these Emerson Electric employees to consider reviewing:

www.studentaid.ed.gov
The government’s college and financial aid portal.

Featured Video

Articles you may find interesting:

www.collegeboard.org
The group that administers the SAT test.

Estimating the Cost of College

Estimating the Cost of College

What is the 401(k) plan offered by Emerson Electric?

The 401(k) plan at Emerson Electric is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How can I enroll in the Emerson Electric 401(k) plan?

Employees can enroll in the Emerson Electric 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

Does Emerson Electric offer a company match for the 401(k) contributions?

Yes, Emerson Electric offers a company match on employee contributions to the 401(k) plan, helping employees to maximize their retirement savings.

What are the eligibility requirements for the Emerson Electric 401(k) plan?

Generally, employees at Emerson Electric are eligible to participate in the 401(k) plan after completing a specified period of service, as outlined in the employee handbook.

What investment options are available in the Emerson Electric 401(k) plan?

The Emerson Electric 401(k) plan provides a variety of investment options, including mutual funds, target-date funds, and other investment vehicles, allowing employees to choose based on their risk tolerance.

Can I change my contribution percentage to the Emerson Electric 401(k) plan?

Yes, employees can change their contribution percentage to the Emerson Electric 401(k) plan at any time, typically through the HR portal.

When can I start withdrawing from my Emerson Electric 401(k) plan?

Employees can begin withdrawing from their Emerson Electric 401(k) plan without penalties after reaching the age of 59½, subject to the plan's specific rules.

Are there any fees associated with the Emerson Electric 401(k) plan?

Yes, like most 401(k) plans, the Emerson Electric 401(k) plan may have administrative fees and investment-related expenses, which are disclosed in the plan documents.

What happens to my Emerson Electric 401(k) if I leave the company?

If you leave Emerson Electric, you have several options for your 401(k), including leaving it in the plan, rolling it over to a new employer’s plan, or cashing it out (though cashing out may incur taxes and penalties).

Is there a loan option available through the Emerson Electric 401(k) plan?

Yes, the Emerson Electric 401(k) plan may offer a loan option, allowing employees to borrow against their retirement savings under certain conditions.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

astman Chemical offers its employees both a pension plan and a 401(k) plan under specific terms for the years 2022, 2023, and 2024. Eastman's 401(k) plan, called the Eastman Investment and Employee Stock Ownership Plan (EIP), includes an automatic enrollment feature at a 7% deferral rate, which increases annually until 10%. The company offers a 50% match on every dollar contributed up to 7%, and an additional Retirement Savings Contribution (RSC) of 5% for eligible participants. The 401(k) plan also provides options for both traditional pre-tax and Roth contributions, giving employees flexibility in tax treatment (MyEastmanBenefits). Eastman Chemical's pension plan is part of a defined benefit structure. As of 2022, the company’s U.S. pension plan had assets totaling $1.798 billion, with projected benefit obligations of $2.05 billion, providing a funding ratio of 87.7%. The plan includes provisions for service-based accruals, where the formula incorporates years of service and age requirements to determine eligibility

Restructuring and Layoffs: In 2023, Emerson Electric announced a significant restructuring effort aimed at streamlining operations and improving efficiency. This included a reduction in workforce by approximately 5% as part of a broader initiative to cut costs and enhance profitability. The restructuring was a strategic response to challenges in the market and aimed to position the company for future growth. It is important to address this news given the current economic climate, where companies are actively restructuring to navigate financial pressures and shifting market demands. This restructuring also reflects broader trends in the industry where firms are adjusting their operations to remain competitive.

Emerson Electric offered stock options and RSUs to its employees as part of its incentive compensation plan. Stock options were granted to executives and senior management, while RSUs were made available to a broader group, including mid-level managers. This structure was designed to align employee interests with company performance.

2022: Emerson Electric’s health benefits typically include medical, dental, and vision coverage. They offer a range of plan options, including high-deductible health plans and Health Savings Accounts (HSAs). 2023: Continued emphasis on wellness programs, mental health support, and preventive care. Updates may include adjustments to plan options or coverage levels. 2024: Expect improvements in telemedicine services and additional mental health resources. Enhanced wellness programs are likely part of their benefits.

Additional Articles

Check Out Articles for Emerson Electric employees

For more information you can reach the plan administrator for Emerson Electric at 8000 West Florissant Avenue St. Louis, MO 63136; or by calling them at (314) 553-2000.

https://www.thelayoff.com/#google_vignette https://pensionrights.org/ https://www.emerson.com/global