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Discover 9 Surprising Insights About Social Security for iHeartMedia Employees That Could Transform Your Retirement Planning

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Healthcare Provider Update: Healthcare Provider for iHeartMedia iHeartMedia offers its employees healthcare coverage through various plans under the Affordable Care Act (ACA) marketplace. Specific insurance providers for iHeartMedia employees can include major insurers such as UnitedHealthcare, Anthem, Cigna, and Molina Healthcare, depending on the enrolled plans available in their respective states. Potential Healthcare Cost Increases in 2026 As 2026 approaches, iHeartMedia employees face a potential surge in healthcare costs, driven by significant increases in ACA marketplace premiums. With some states experiencing hikes exceeding 60%, the expiration of enhanced federal subsidies will add further financial strain, potentially raising out-of-pocket premium expenses by over 75% for many enrollees. Contributing factors include rising medical costs, higher prescription drug prices, and an overall increase in healthcare utilization, making 2026 especially challenging for those relying on ACA plans. Click here to learn more

Social Security’s been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know? If you work for iHeartMedia, here are nine things that might surprise you.

  1. The Social Security trust fund is huge. At $2.9 trillion at the end of 2018, it exceeds the gross domestic product (GDP) of every economy in the world except the ten largest: China, the European Union, the United States, India, Japan, Germany, Russia, Indonesia, Brazil, and The United Kingdom.
  2. Most workers including those at iHeartMedia are eligible for Social Security benefits, but not all. For example, until 1984, federal government employees were part of the Civil Service Retirement System and were not covered by Social Security.
  3. As an employee of iHeartMediak, you don’t have to work long to be eligible. If you were born in 1929 or later, you need to work for 10 or more years to be eligible for benefits.
  4. Benefits are based on an individual’s average earnings during a lifetime of work under the Social Security system. The calculation is based on the 35 highest years of earnings. If an individual has years of low earnings or no earnings, Social Security may count those years to bring the total years to 35.
  5. Those at iHeartMedia may also want to consider how there hasn't always been cost-of-living adjustments (COLA) in Social Security benefits. Before 1975, increasing benefits required an act of Congress; now increases happen automatically, based on the Consumer Price Index. There was a COLA increase of 2.9% in 2019, but there was only an increase of 2% in 2018.
  6. Social Security is a major source of retirement income for 67% of current retirees, including those at iHeartMedia.
  7. Social Security benefits are subject to federal income taxes — but it wasn’t always that way. In 1983, Amendments to the Social Security Act made benefits taxable, starting with the 1984 tax year.
  8. Social Security recipients received a single lump-sum payment from 1937 until 1940. One-time payments were considered “payback” to those people who contributed to the program. Social Security administrators believed these people would not participate long enough to be vested for monthly benefits.
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  10. In January 1937, Earnest Ackerman became the first person in the U.S. to receive a Social Security benefit—a lump sum of 17 cents.

1. Social Security Administration, 2018; CIA World Factbook, 2018
2-5, 7-9. Social Security Administration, 2019
6. Employee Benefit Research Institute, 2018

What type of retirement savings plan does iHeartMedia offer to its employees?

iHeartMedia offers a 401(k) retirement savings plan to help employees save for their future.

Does iHeartMedia provide any matching contributions to the 401(k) plan?

Yes, iHeartMedia offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the eligibility requirement for employees to participate in iHeartMedia's 401(k) plan?

Employees at iHeartMedia are eligible to participate in the 401(k) plan after completing a specified period of service, typically within the first year of employment.

Can employees of iHeartMedia choose how much to contribute to their 401(k) plan?

Yes, employees can choose to contribute a percentage of their salary to the iHeartMedia 401(k) plan, within the limits set by the IRS.

Are there any fees associated with iHeartMedia's 401(k) plan?

Yes, like most 401(k) plans, iHeartMedia's plan may have administrative fees and investment fees, which are disclosed in the plan documents.

What investment options are available in iHeartMedia's 401(k) plan?

iHeartMedia offers a range of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.

How often can employees change their contribution amounts to the iHeartMedia 401(k) plan?

Employees can typically change their contribution amounts to the iHeartMedia 401(k) plan on a quarterly basis or as specified in the plan documents.

Does iHeartMedia allow for loans against the 401(k) plan?

Yes, iHeartMedia's 401(k) plan may allow employees to take loans against their account balance, subject to certain terms and conditions.

What happens to my 401(k) account if I leave iHeartMedia?

If you leave iHeartMedia, you can choose to roll over your 401(k) account to another retirement plan, cash it out, or leave it in the iHeartMedia plan if allowed.

Is there a vesting schedule for the employer match in iHeartMedia's 401(k) plan?

Yes, iHeartMedia has a vesting schedule for employer matching contributions, which determines how much of the match you own based on your years of service.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Employee Pension Plan Plan Name: iHeartMedia does not have a traditional pension plan. The company primarily offers a 401(k) plan for retirement savings. Years of Service and Age Qualification: iHeartMedia does not offer a defined benefit pension plan, so there are no specific years of service or age qualification criteria for such a plan. Plan Name: iHeartMedia 401(k) Plan Eligibility: Employees are eligible to participate in the iHeartMedia 401(k) Plan. Typically, eligibility begins after 30 days of employment, although this can vary based on the employee's role and employment status. 401(k) Plan Features: The plan offers a range of investment options, and iHeartMedia provides a company match, which may vary based on the employee's contribution level and tenure.
Restructuring and Layoffs: In early 2024, iHeartMedia announced a significant restructuring plan aimed at reducing operational costs and streamlining its business. This decision comes as part of a broader effort to adapt to the rapidly changing media landscape and fluctuating ad revenues. The company is expected to cut approximately 10% of its workforce, which could impact several departments across the organization. This restructuring is critical to follow due to its potential implications on job security, industry dynamics, and market competitiveness. Company Benefits, Pension, and 401k Changes: iHeartMedia has also made changes to its employee benefits and retirement plans. The company has adjusted its 401k matching contributions and modified its pension plan to better align with its financial strategies. These changes could affect employees' long-term financial planning and retirement readiness. Understanding these adjustments is essential in the current economic environment, where investment strategies and tax implications play a crucial role in personal financial security.
In 2022, iHeartMedia provided stock options (SO) and Restricted Stock Units (RSUs) to senior executives and key employees. The RSU grants had performance-based vesting conditions.
Benefits Overview: iHeartMedia provides a range of health benefits, including medical, dental, and vision insurance. They offer a Health Savings Account (HSA) and Flexible Spending Account (FSA) options. Coverage includes preventive care, mental health support, and employee assistance programs.
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For more information you can reach the plan administrator for iHeartMedia at , ; or by calling them at .

https://www.thelayoff.com/#google_vignette https://www.linkedin.com/company/iheartmedia

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