HF Sinclair Employees: Navigating the Complexities of Extended Care Costs in Retirement

Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for HF Sinclair employees who are developing a retirement strategy.

Seven in ten HF Sinclair employees over age 65 can expect to need extended care services at some point in their lives. So understanding the various types of extended care services – and what those services may cost – is critical as you consider your retirement approach.

What Is Extended Care?

Extended care is not a single activity. It refers to a variety of medical and non–medical services needed by those who have a chronic illness or disability – most commonly associated with aging.

Extended care can include everything from assistance with activities of daily living – help dressing, bathing, using the bathroom, or even driving to the store – to more intensive therapeutic and medical care requiring the services of skilled medical personnel.

Extended care may be provided at home, at a community center, in an assisted living facility, or in a skilled nursing home. And extended care is not exclusively for the elderly; it is possible to need extended care at any age.

How Much Does Extended Care Cost?

Extended care costs vary state by state and region by region. The 2021 national average for care in a skilled care facility (single occupancy in a nursing home) was $108,405 a year. The national average for care in an assisted living center (single occupancy) was $54,000 a year. Home health aides cost a median of $27 per hour, but that rate may increase when a licensed nurse is required.

What Are the Payment Choices?

Often, extended care is provided by family and friends. Providing care can be a burden, however, and the need for assistance tends to increase with age.

HF Sinclair employees who would rather not burden their family and friends have two main choices for covering the cost of extended care: they can choose to self-insure or they can purchase extended care insurance.

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Many self-insure by default – simply because they haven't made other arrangements. Those who self-insure may depend on personal savings and investments to fund any extended care needs. The other approach is to consider purchasing extended care insurance, which can cover all levels of care, from skilled care to custodial care to in-home assistance.

When it comes to addressing your extended care needs, many look to select a strategy that may help them protect assets, preserve dignity, and maintain independence. If those concepts are important to you, consider your approach to extended care.

GenWorth.com, 2022

ACL.gov, 2022

What is the 401(k) plan offered by HF Sinclair?

The 401(k) plan at HF Sinclair is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.

How can I enroll in HF Sinclair's 401(k) plan?

Employees can enroll in HF Sinclair's 401(k) plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.

Does HF Sinclair match employee contributions to the 401(k) plan?

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

What is the maximum contribution limit for HF Sinclair's 401(k) plan?

The maximum contribution limit for HF Sinclair's 401(k) plan is set according to IRS guidelines, which may change annually. Employees should check the latest limits for the current year.

When can I start contributing to HF Sinclair's 401(k) plan?

Employees at HF Sinclair can start contributing to the 401(k) plan after completing their eligibility period, which is typically outlined in the benefits documentation.

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

HF Sinclair's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance and retirement goals.

Can I take a loan against my 401(k) at HF Sinclair?

Yes, HF Sinclair allows employees to take loans against their 401(k) savings, subject to certain conditions and limits as outlined in the plan documents.

What happens to my 401(k) if I leave HF Sinclair?

If an employee leaves HF Sinclair, they have several options for their 401(k), including rolling it over to a new employer's plan, transferring it to an IRA, or cashing it out (with potential penalties).

How often can I change my contribution amount to HF Sinclair's 401(k) plan?

Employees can typically change their contribution amount to HF Sinclair's 401(k) plan during open enrollment periods or at any time as permitted by the plan rules.

Is there a vesting schedule for HF Sinclair's 401(k) matching contributions?

Yes, HF Sinclair has a vesting schedule for its matching contributions, meaning employees must work for a certain period before they fully own the matched funds.

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

HF Sinclair provides both a pension plan and a 401(k) plan for its employees. The company's pension plan is referred to as the HF Sinclair Retirement Plan, and it generally requires employees to meet certain age and years of service qualifications to be eligible. The pension formula is based on a final average pay calculation, which considers the employee's average salary over the last few years of service. For the 401(k) plan, known as the HF Sinclair 401(k) Retirement Savings Plan, employees are automatically enrolled with a default contribution rate of 6% of eligible earnings. Employees have the flexibility to adjust this contribution rate from 1% to 75% of their eligible earnings. The plan includes a company match, enhancing the retirement savings for participants. Detailed information about the pension and 401(k) plans, including eligibility criteria, contribution limits, and specific terms, can be found in the HF Sinclair benefits summary documents from 2022 to 2024, accessible through their internal benefits portal. Please refer to the specific benefits document for exact details, including page numbers

Layoffs: In 2023, HF Sinclair implemented significant layoffs at its Sinclair refinery, affecting nearly 100 employees. The decision was met with concern from both state and federal officials due to the economic impact on local communities. This reduction aligns with the company's broader strategy to optimize operations in a challenging economic environment. The layoffs are important to address given the current economic pressures and the impact on the local workforce, emphasizing the need for strategic planning and support for affected employees.

HF Sinclair Corporation offers various employee stock options (ESOs) and Restricted Stock Units (RSUs) as part of its equity compensation program. These options and units are made available to employees to align their interests with the company's performance and long-term success. Stock Options: HF Sinclair provides employees the opportunity to purchase company stock at a predetermined price, known as the exercise price. This option typically vests over a period of time, allowing employees to purchase shares at the set price, regardless of the market price at the time of exercise. Restricted Stock Units (RSUs): RSUs are another form of equity compensation offered by HF Sinclair. Unlike stock options, RSUs represent a promise to deliver company shares at a future date, subject to vesting conditions such as continued employment or performance milestones. Upon vesting, RSUs are converted to actual shares of HF Sinclair stock. Eligibility: Both stock options and RSUs are generally made available to a wide range of employees within HF Sinclair, including senior executives, managers, and other key employees. The availability of these equity awards is typically tied to the employee's role, performance, and tenure with the company. In 2022, 2023, and 2024, HF Sinclair continued to issue these equity compensations as part of their incentive plans, adapting the terms and conditions based on the company’s financial performance and strategic goals. For detailed information on the specific terms and conditions, including vesting schedules and eligibility, you can refer to the company’s investor relations presentations and annual reports.

HF Sinclair offers a comprehensive range of health benefits aimed at supporting the physical, mental, and financial well-being of its employees. For the years 2022, 2023, and 2024, HF Sinclair's health benefits include medical plans with Health Savings Accounts (HSA), Health Reimbursement Accounts (HRA), and incentives like the "Go-to-Doctor" program, which offers premium discounts for completing an annual physical. Employees have access to various healthcare plans, including dental and vision coverage, as well as wellness programs that promote preventive care.

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For more information you can reach the plan administrator for HF Sinclair at , ; or by calling them at .

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