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

Essential Insights on Condo Insurance for Kontoor Brands Employees: What You Need to Know Before You Buy

Healthcare Provider Update: Healthcare Provider for Kontoor Brands: Kontoor Brands does not publicly list a specific healthcare provider as it may depend on various factors including the employees' locations and specific plan options. However, companies of this size typically partner with major national insurance providers such as Aetna, Blue Cross Blue Shield, Cigna, or UnitedHealthcare, which offer a range of employer-sponsored health plans. Potential Healthcare Cost Increases in 2026: As Kontoor Brands navigates the healthcare landscape, it faces potential healthcare cost increases projected at 8.5% in 2026. This surge is attributed to several factors, including rising medical expenses, heightened claims activity, and shifts in cost-sharing strategies being implemented by employers. Furthermore, the impending expiration of enhanced ACA premium subsidies could exacerbate costs for many employees, leading to a significant 75% increase in out-of-pocket premiums for those reliant on marketplace insurance. This scenario highlights the urgent need for companies to reevaluate their health benefits strategies in preparation for the financial implications of these rising costs. Click here to learn more

Kontoor Brands employees may benefit from understanding how the ownership structure of a condominium unit is different from that of a single-family house. Here’s what you need to know when purchasing insurance for your condo.

1. Understand the Master Policy

For Kontoor Brands employees worried about condo insurance, since the ownership of all common areas is shared with other condo owners, the association of owners typically purchases insurance coverage (a master policy) for the common areas, e.g., hallways, exterior walls, etc. The condo association’s policy will outline what is covered and what is not.

2. Three Types of Coverage

There are three basic types of coverage under a master policy that those employed at Kontoor Brands should be aware of.

Primary buildings and common areas
Your unit and any items within your unit, other than personal belongings
Building, unit, and any fixtures

The individual coverage you may consider depends upon the scope of coverage of the master policy. Kontoor Brands employees should also try to determine what is and isn’t covered under the master policy – this can influence the coverage you may need.

3. Know the Master Policy Deductible

Generally, an association’s master policy has a deductible that is charged pro-rata among unit owners in the event of a claim. Determining that obligation is important because while it may never materialize, it could represent a meaningful financial commitment.

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4. Consider Additional Coverage

Similar to any homeowner, Kontoor Brands employees will need to make decisions about other coverage options, such as cash value or replacement coverage, adding personal liability coverage, and whether flood insurance may be appropriate.

Several factors will affect the cost of condo insurance, including the insurance coverage provided by the homeowners association. You should consider the amount of your deductible and level of coverage before purchasing a condo insurance policy. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

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

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

How can employees of Kontoor Brands enroll in the 401(k) plan?

Employees can enroll in the Kontoor Brands 401(k) plan by accessing the enrollment portal through the company’s HR website or by contacting the HR department for assistance.

Does Kontoor Brands match employee contributions to the 401(k) plan?

Yes, Kontoor Brands provides a matching contribution to employee contributions, helping to enhance retirement savings.

What is the vesting schedule for the 401(k) match at Kontoor Brands?

The vesting schedule for the Kontoor Brands 401(k) match typically follows a standard schedule, which employees can review in the plan documents provided by the HR department.

Can employees of Kontoor Brands change their contribution percentage to the 401(k) plan?

Yes, employees can change their contribution percentage to the Kontoor Brands 401(k) plan at any time, subject to plan rules.

What investment options are available in the Kontoor Brands 401(k) plan?

The Kontoor Brands 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Is there a loan option available through the Kontoor Brands 401(k) plan?

Yes, Kontoor Brands allows employees to take loans against their 401(k) balance, subject to certain terms and conditions.

How can employees access their 401(k) account information at Kontoor Brands?

Employees can access their 401(k) account information through the plan’s online portal or by contacting the plan administrator.

What happens to the 401(k) plan if an employee leaves Kontoor Brands?

If an employee leaves Kontoor Brands, they have several options for their 401(k) balance, including rolling it over to another retirement account or leaving it in the Kontoor Brands plan if eligible.

Are there any fees associated with the Kontoor Brands 401(k) plan?

Yes, there may be fees associated with the Kontoor Brands 401(k) plan, which are disclosed in the plan documents and can vary based on investment choices.

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

For Kontoor Brands, the company offers a 401(k) Savings Plan as part of its employee retirement benefits. In 2022 and 2023, the plan was structured to allow employees to make elective deferrals from their salaries, which are matched by the company under a safe harbor provision. Employees can also participate in hardship withdrawals and loans from their 401(k) accounts, subject to IRS rules. Participants may access their accounts at retirement, disability, death, or termination of employment. Vesting is immediate for all employee contributions and the company's matching contributions (Kontoor Brands, Inc.) (Kontoor Brands, Inc.). The company's pension-related benefits have changed over time, with a move away from traditional defined benefit plans to more flexible, employee-directed investment plans such as the 401(k). Kontoor Brands reported pension assets in their financial statements, noting a median total pension plan asset of $9.25 million from fiscal years ending 2019 through 2023 (finbox). Although specific defined benefit pension plans were not emphasized in recent years, restructuring efforts resulted in gains from pension curtailments during fiscal events such as in 2022

News: In 2023, Kontoor Brands initiated workforce reductions as part of its global restructuring efforts. The company announced layoffs across several regions, including the U.S. and Europe, to streamline its operations under the "Project Jeanius Global Transformation" initiative. This restructuring also included the relocation of Kontoor's European headquarters, resulting in severance payments and other employee-related costs, while attempting to globalize its operating model (Business Wire) (Kontoor Brands, Inc.) (Kontoor Brands, Inc.). Additionally, Kontoor overhauled its 401(k) plan by updating its investment options lineup, providing employees with better financial planning resources for retirement (Business Wire).

Stock Options: Kontoor Brands provides eligible employees with stock options, allowing them to purchase shares at a predetermined exercise price. The vesting schedules for stock options at Kontoor Brands typically span over three to four years. As of 2022 and continuing into 2023 and 2024, these stock options were available to mid-to-senior-level employees, primarily in management roles (Kontoor Brands, Inc.). RSUs: Kontoor Brands also grants RSUs, which vest over a set period, typically three years. RSUs do not require employees to purchase shares, but rather, once vested, they convert into actual shares of Kontoor Brands stock. This feature ensures that employees benefit directly from the company's stock price performance. The availability of RSUs in 2022, 2023, and 2024 extended to a broader group of employees, including executives and high-performing individuals within various business units

Kontoor Brands, a global lifestyle apparel company, provides a comprehensive health and wellness program to support its employees' physical and financial well-being. Their benefits include competitive healthcare plans designed to offer flexibility, security, and choice to meet the needs of employees and their families. Key health benefits include medical, dental, and vision coverage, along with access to wellness programs like an onsite gym, company cafeteria, and a community garden (Kontoor Brands, Inc.) (Kontoor Brands, Inc.) (Kontoor Brands, Inc.). Employee health is further supported by Employee Resource Groups (ERGs) and affinity networks, which focus on fostering diversity, inclusion, and a sense of community. Additionally, Kontoor offers paid time off for volunteering, promoting community engagement through activities like planting pollinator gardens and installing denim insulation in homes

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

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