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MRC Global Employees: Navigating the Complexities of Extended Care Costs in Retirement

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

Seven in ten MRC Global 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.

MRC Global 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.

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What type of retirement plan does MRC Global offer to its employees?

MRC Global offers a 401(k) retirement savings plan to its employees.

How can employees participate in MRC Global's 401(k) plan?

Employees can participate in MRC Global's 401(k) plan by enrolling during the open enrollment period or when they first become eligible.

Does MRC Global match employee contributions to the 401(k) plan?

Yes, MRC Global provides a matching contribution to employee contributions, subject to certain limits.

What is the maximum contribution limit for MRC Global's 401(k) plan?

The maximum contribution limit for MRC Global's 401(k) plan is set by the IRS and may change annually; employees should check the latest guidelines.

Are there any eligibility requirements to join MRC Global's 401(k) plan?

Yes, MRC Global has specific eligibility requirements, which typically include age and length of service with the company.

Can employees take loans against their 401(k) balance at MRC Global?

Yes, MRC Global allows employees to take loans against their 401(k) balance, subject to the plan's terms and conditions.

How can employees access their 401(k) account information at MRC Global?

Employees can access their 401(k) account information through the designated online portal provided by MRC Global's plan administrator.

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

MRC Global's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.

Does MRC Global allow for Roth 401(k) contributions?

Yes, MRC Global offers the option for employees to make Roth 401(k) contributions, allowing after-tax savings.

What happens to my 401(k) funds if I leave MRC Global?

If you leave MRC Global, you can choose to roll over your 401(k) funds to another retirement account, cash out, or leave the funds in the plan, subject to 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.

Employee Pension Plan Details: Plan Name: MRC Global does not appear to offer a traditional defined benefit pension plan. Pension Formula: N/A Years of Service and Age Qualification: Not applicable as the company does not provide a traditional pension plan. 401(k) Plan Details: Plan Name: MRC Global 401(k) Plan Eligibility: Generally, employees are eligible to participate in the 401(k) plan after completing a certain period of service, typically 30 days or as specified by the plan documents. Contributions: MRC Global matches employee contributions up to a certain percentage, as defined in the plan documents.

Layoffs and Restructuring: Flipper Inc. announced a significant restructuring plan in Q1 2024, resulting in a 15% reduction in its workforce. The company cited efforts to streamline operations and improve efficiency in response to changing market conditions. Additionally, Flipper is restructuring its benefit plans to focus on performance-based incentives rather than broad-based benefits.

Stock Options and RSUs: MRC Global offers stock options and Restricted Stock Units (RSUs) to eligible employees. Stock options generally allow employees to purchase shares at a set price, while RSUs are given as company shares that vest over time. Eligibility: Employees in senior management and key positions are typically eligible for these benefits.

Telehealth Services: MRC Global has recently expanded its healthcare benefits to include telehealth services, allowing employees to access medical care remotely. Mental Health Support: The company has increased its focus on mental health by enhancing their Employee Assistance Program (EAP) and offering more resources for mental wellness. Plan Adjustments: Updates to plan structures and cost-sharing arrangements have been implemented to better meet the needs of employees.