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

Liberty Energy Employees: Navigating the Essentials of Medicare Advantage Plans for Your Retirement Health Needs

Healthcare Provider Update: Offers three medical plans through Anthem BCBS, plus dental (Delta Dental), vision, FSAs, HSAs, and voluntary insurance options 10. With ACA premiums projected to rise by 75% for some, Libertys tiered plans and employer contributions provide a more affordable and customizable alternative. Click here to learn more

Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Liberty Energy employees who are ready to sign up for Medicare. Medicare Advantage plans are offered by private insurers in conjunction with the Medicare program and can provide you with additional health insurance coverage.

What’s in them?
In addition to signing up for Medicare Part A (hospital stays) and Part B (medical coverage), Medicare Advantage plans offer their subscribers extra features. This frequently, but not always, includes the Medicare Part D prescription drug plan. In some cases, Medicare Advantage plans offer coverage for areas not normally offered within regular Medicare plans. This can include dental, hearing, and vision insurance.

What are the rules?
Medicare pays for a fixed amount of your health care to Liberty Energy offering your Medicare Advantage (MA) plan. Beyond that, each MA plan requires different out-of-pocket fees. Those fees can vary from plan to plan. Depending on your plan, you may have different rules you need to follow when seeking a medical referral to get treatment from a specialist or if you are seeking non-urgent care (even from health care providers within the plan). It’s also important to remember that rules, requirements, and features may change from year to year. It will be important to make sure that those changes line up with any treatment that you need.

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What about my prescriptions?
While most MA plans offer Part D coverage for prescription drugs, some don’t. One example would be Medicare Medical Savings Account plans. In cases where the plan can’t or chooses not to offer prescription drug coverage, you may have the ability to join a separate Medicare Prescription Drug Plan, depending on the type of plan you enroll in. You will likely have a number of questions and concerns as you examine your options for Medicare Advantage plans. Discuss these with a trusted financial professional who can help you make choices that may best fit your lifestyle.

1. Medicare.gov, 2022

What is the 401(k) plan offered by Liberty Energy?

The 401(k) plan at Liberty Energy is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How does Liberty Energy match employee contributions to the 401(k) plan?

Liberty Energy offers a matching contribution of 50% on the first 6% of employee contributions to the 401(k) plan, helping employees maximize their retirement savings.

When can employees at Liberty Energy enroll in the 401(k) plan?

Employees at Liberty Energy can enroll in the 401(k) plan during the initial onboarding process or during the annual open enrollment period.

What types of investment options are available in Liberty Energy's 401(k) plan?

Liberty Energy's 401(k) plan offers a variety of investment options, including mutual funds, index funds, and target-date funds, allowing employees to choose based on their risk tolerance and retirement goals.

Can employees at Liberty Energy take loans against their 401(k) savings?

Yes, Liberty Energy allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan documents.

What is the vesting schedule for Liberty Energy's 401(k) matching contributions?

Liberty Energy follows a three-year vesting schedule for matching contributions, meaning employees fully own the match after three years of service.

How can employees at Liberty Energy access their 401(k) account information?

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

What happens to the 401(k) plan if an employee leaves Liberty Energy?

If an employee leaves Liberty Energy, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave it in the Liberty Energy plan if they meet the minimum balance requirements.

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

Yes, Liberty Energy's 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.

What is the minimum contribution percentage for Liberty Energy's 401(k) plan?

Liberty Energy requires a minimum contribution of 1% of an employee's salary to participate in the 401(k) plan.

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

Name of Plan: Liberty Energy Defined Benefit Pension Plan Eligibility: Employees are eligible after 1 year of service. Years of Service Qualification: Minimum 5 years to be vested. Age Qualification: Employees can begin receiving benefits at age 65. Pension Formula: The pension benefit is calculated based on the average of the highest 5 consecutive years of earnings multiplied by a percentage based on years of service. Name of Plan: Liberty Energy 401(k) Savings Plan Eligibility: Employees can participate immediately upon hire. Contribution Limits: Employees can contribute up to the annual IRS limit. Company Match: Liberty Energy matches up to 6% of employee contributions.

In recent months, Liberty Energy has announced significant layoffs as part of a broader restructuring plan. The company is focusing on streamlining operations and improving efficiency amid challenging market conditions. This decision reflects the current economic environment, where companies are adjusting their workforce to adapt to fluctuating demand and shifting industry dynamics. It's important to follow these developments closely due to their impact on employee job security and company performance.

Liberty Energy provides stock options (SO) and RSUs (RSU) to its employees as part of its compensation package. These incentives are typically offered to employees in senior management, key positions, and high performers within the company. In Liberty Energy, stock options (SO) allow employees to purchase company shares at a predetermined price, typically vested over a period of time. Restricted Stock Units (RSUs) are granted with specific vesting conditions and are converted into shares upon meeting those conditions. The availability of these stock options (SO) and RSUs (RSU) in Liberty Energy is designed to align employee interests with company performance and retention goals

HDHP (High Deductible Health Plan): A health insurance plan with a higher deductible but lower premiums. HSA (Health Savings Account): A tax-advantaged savings account used in conjunction with HDHPs to pay for qualified medical expenses. PPO (Preferred Provider Organization): A health plan that offers a network of healthcare providers and allows for out-of-network care at a higher cost. FSA (Flexible Spending Account): An account that allows employees to set aside pre-tax money for eligible medical expenses. EAP (Employee Assistance Program): A program providing confidential counseling and referral services for employees facing personal or work-related issues.

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

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