Healthcare Provider Update: Healthcare Provider for Murphy USA: Murphy USA's healthcare provider network includes a variety of options, primarily focused on major insurance companies that offer group health insurance plans for its employees. The specific providers can vary over time and by location, but typically include carriers such as UnitedHealthcare, Cigna, and Blue Cross Blue Shield, among others. Potential Healthcare Cost Increases in 2026: As Murphy USA employees navigate the rising tide of healthcare costs, the looming increases for 2026 present significant challenges. With ACA marketplace premiums expected to surge by an average of 20%, many employees may face substantially higher out-of-pocket expenses. These increases are driven by multiple factors, including escalating medical costs, the potential loss of enhanced federal premium subsidies, and changing employer benefit structures aimed at managing expenses. Consequently, employees at Murphy USA are advised to closely review their health benefit options and prepare for a potential increase in their personal healthcare expenditures next year. 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 Murphy USA, here are nine things that might surprise you.
- 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.
- Most workers including those at Murphy USA 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.
- As an employee of Murphy USAk, 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.
- 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.
- Those at Murphy USA 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.
- Social Security is a major source of retirement income for 67% of current retirees, including those at Murphy USA.
- 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.
- 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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- 401K, Social Security, Pension – How to Maximize Your Options
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- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- 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.
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Articles you may find interesting:
1. Social Security Administration, 2018; CIA World Factbook, 2018
2-5, 7-9. Social Security Administration, 2019
6. Employee Benefit Research Institute, 2018
What is the purpose of the 401(k) plan at Murphy USA?
The 401(k) plan at Murphy USA is designed to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.
How can employees at Murphy USA enroll in the 401(k) plan?
Employees at Murphy USA can enroll in the 401(k) plan through the company’s benefits portal during the open enrollment period or upon their hire date.
Does Murphy USA match employee contributions to the 401(k) plan?
Yes, Murphy USA offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the maximum contribution limit for the 401(k) plan at Murphy USA?
The maximum contribution limit for the 401(k) plan at Murphy USA follows the IRS guidelines, which are updated annually. Employees should check the current limits for the year.
Can employees at Murphy USA take loans against their 401(k) savings?
Yes, Murphy USA allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What investment options are available in Murphy USA's 401(k) plan?
Murphy USA's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
How often can employees at Murphy USA change their 401(k) contributions?
Employees at Murphy USA can change their 401(k) contributions at any time, subject to the plan's rules and guidelines.
Is there a vesting schedule for the employer match in Murphy USA's 401(k) plan?
Yes, Murphy USA has a vesting schedule for the employer match, which determines how much of the matched contributions employees are entitled to based on their years of service.
Can employees at Murphy USA access their 401(k) funds before retirement?
Employees at Murphy USA may access their 401(k) funds before retirement under certain circumstances, such as hardship withdrawals or after reaching a specific age.
What happens to the 401(k) plan if an employee leaves Murphy USA?
If an employee leaves Murphy USA, they have several options regarding their 401(k) plan, including rolling it over to another qualified plan, cashing it out, or leaving it with Murphy USA.