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

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Luxottica Employees: Discover Which States Offer the Best Environment for a Stress-Free Retirement!

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Healthcare Provider Update: Healthcare Provider for Luxottica Luxottica utilizes EssilorLuxottica, its parent company, as its primary healthcare provider. EssilorLuxottica has made significant strides in integrating wellness and health services for its employees to ensure they receive comprehensive healthcare tailored to their needs. Upcoming Healthcare Cost Increases for 2026 As we approach 2026, healthcare costs are expected to rise significantly, with estimates indicating potential increases of up to 75% in out-of-pocket premiums for many consumers. This surge is largely attributed to the anticipated expiration of enhanced ACA premium subsidies and simultaneous rate hikes from major insurers, with states like New York reporting increases as high as 66%. Coupled with ongoing inflation in medical costs and a spike in demand for healthcare services, companies like Luxottica may see substantial financial pressure, necessitating strategic planning to mitigate the impact on both employees and operational budgets. Click here to learn more

The contemporary era presents a myriad of stressors, from the unpredictable housing market to escalating grocery prices. Indeed, the intensity of stress an individual encounters can significantly hinge on their geographical location, as recent research reveals.

A comprehensive study conducted by WalletHub earlier in the year embarked on the ambitious task of ranking the “most and least stressed” states across the United States. This expansive report utilized a comparative analysis across the 50 states, examining them through the lens of 41 distinct metrics. These indicators encompassed a range of factors including the unemployment rate, income growth trajectory, separation and divorce rates, mental health statistics, and the affordability of medical consultations.

In order to distill these broad metrics into actionable insights for Luxottica professionals, the states were evaluated based on four primary dimensions of stress:

  1. Work-related stress,
  2. Financial stress,
  3. Family-related stress, and
  4. Health and safety-related stress.

This intricate analysis was fortified by data sourced from reputable institutions such as the U.S. Census Bureau, the Bureau of Labor Statistics, and the Centers for Disease Control and Prevention, among others.

In an intriguing revelation, the report not only provided a holistic stress ranking but also delved into specific categories like the average number of sleep hours residents get each night, the number of practicing psychologists per capita, and the average weekly work hours.

Mississippi emerged at the forefront of this study, unfortunately bearing the title of the most stressed state. It was particularly impacted by financial stress despite boasting the lowest cost of living in the country. Contrasting its affordable living, it faces challenges with educational attainment and workforce productivity, alongside having one of the most substantial rates of worker migration, as detailed by a CNBC report.

Conversely, the spectrum's other end highlighted states like Utah, Connecticut, and South Dakota, known for their comparatively low stress levels. Interestingly, states like Hawaii and Florida, often celebrated for their high happiness indices, did not feature in the top ten of this list.

Topping the chart as the epitome of tranquility was Minnesota, recognized as the least stressed state. Minnesotans reported minimal stress related to finances and family. Moreover, Minnesota was celebrated for offering its residents nearly the highest average sleep hours, trailing only behind Colorado. Famously referred to as the “Land of 10,000 Lakes,” Minnesota has also been acclaimed as one of the prime states for both living and professional engagement, as per CNBC’s annual assessment.

Following closely was Utah, securing the second position. Remarkably, Utah recorded the fewest work hours per week on average, a low poverty rate, and the nation’s lowest divorce statistics. In an adjunct study by WalletHub, Utah was distinguished as the happiest state, partly owing to its impressive volunteer rate standing at 40.7% - a stark contrast to Florida’s significantly lower rate.

New Hampshire consolidated the top three, standing out with the lowest proportion of adults in fair or poor health and an impressive average credit score of 729, as per CNBC Select. It boasts one of the lowest poverty and crime rates per capita. The city of Nashua in Hillsborough County, New Hampshire, in particular, enjoys the reputation of being the safest in the country, making it one of the state's most desirable living destinations, according to Niche. Further, Census Bureau data indicates that New Hampshire ranks among the wealthiest and most educated in the nation, enhanced by its lack of income tax on wages and sales tax.

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A crucial aspect contributing to Minnesota's low stress levels, particularly relevant to Luxottica professionals nearing or in retirement, is the state's robust healthcare system. According to U.S. News & World Report (2021), Minnesota is ranked 3rd in healthcare access and 11th in healthcare quality nationwide, ensuring its residents, especially those in older demographics, have ample access to superior medical care. This accessibility is paramount for those transitioning from active working life, as they can rely on high-quality healthcare services, a factor significantly alleviating health-related stress often accompanying this life stage.

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Navigating the states of America in search of the ideal place to retire is akin to sifting through a box of assorted chocolates, each piece uniquely flavored with different fillings representing various lifestyle factors. Minnesota, in this assortment, is the coveted dark chocolate truffle — rich in quality healthcare, laden with the sweetness of plentiful sleep, and enrobed in the smooth texture of low financial and family-related stress. Just as dark chocolate is known for its health benefits and stress-reducing antioxidants, Minnesota offers a blend of life-enhancing qualities that melt away worries, making it the choice morsel for those seasoned professionals stepping away from their bustling Luxottica careers into a phase of life where tranquility and well-being become the ultimate luxury. 

What is the purpose of Luxottica's 401(k) Savings Plan?

The purpose of Luxottica's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.

How can I enroll in Luxottica's 401(k) Savings Plan?

You can enroll in Luxottica's 401(k) Savings Plan by completing the enrollment process through the company's HR portal or by contacting the HR department for assistance.

What types of contributions can I make to Luxottica's 401(k) Savings Plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older in Luxottica's 401(k) Savings Plan.

Does Luxottica offer a company match on 401(k) contributions?

Yes, Luxottica provides a company match on employee contributions to the 401(k) Savings Plan, which helps employees increase their retirement savings.

What is the vesting schedule for Luxottica's 401(k) company match?

The vesting schedule for Luxottica's 401(k) company match typically follows a graded schedule, where employees earn ownership of the match over a specified period of service.

Can I change my contribution amount in Luxottica's 401(k) Savings Plan?

Yes, employees can change their contribution amount at any time during the year by submitting a request through the HR portal or contacting HR.

What investment options are available in Luxottica's 401(k) Savings Plan?

Luxottica's 401(k) Savings 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 I reallocate my investments in Luxottica's 401(k) Savings Plan?

Employees can reallocate their investments in Luxottica's 401(k) Savings Plan as often as they wish, subject to any specific trading restrictions set by the plan.

Is there a loan option available in Luxottica's 401(k) Savings Plan?

Yes, Luxottica's 401(k) Savings Plan may allow employees to take loans against their account balance under certain conditions.

What happens to my Luxottica 401(k) Savings Plan if I leave the company?

If you leave Luxottica, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA or another employer's plan, or cashing it out, though cashing out may incur taxes and penalties.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Luxottica provides a defined contribution 401(k) plan with company matching contributions. Employees can contribute pre-tax or Roth (after-tax) dollars, and Luxottica matches a percentage of eligible compensation. The plan includes various investment options, such as target-date funds and mutual funds. Luxottica provides financial planning resources and tools to help employees manage their retirement savings.
EssilorLuxottica, formed from the merger of Luxottica and Essilor, has announced the consolidation of marketing jobs from Mason, Ohio to New York, with other corporate functions moving to Dallas. This restructuring is aimed at improving collaboration and building a unified corporate culture. While hundreds of jobs are being relocated, positions in EyeMed Vision Insurance, IT, and legal departments will remain in Mason. In response to economic pressures, EssilorLuxottica has decided to cancel its dividend for the fiscal year 2023 and reduce directors' pay. This measure is intended to mitigate financial impacts and ensure business continuity. The company may propose a special dividend payment later if the business recovery is robust enough.
Luxottica includes RSUs in its compensation packages, vesting over a specific period and providing shares upon vesting. Stock options are not typically part of their compensation plan.
Luxottica has designed its employee healthcare benefits to adapt to the dynamic economic and political climate of recent years. In 2023 and 2024, Luxottica has offered multiple medical and dental insurance plan options, ensuring comprehensive coverage for their employees. These options include high-deductible health plans with Health Savings Account (HSA) contributions of $500 for employees and an additional $500 for their spouses. The company also provides free vision insurance, leveraging its expertise in the eyewear industry to offer significant eyewear and product discounts to its employees. Additionally, Luxottica's benefits package includes a robust Employee Assistance Program (EAP), mental health support, and wellness initiatives to promote overall well-being​ (HACONTENT)​​ (EssilorLuxottica Group Jobs)​. In the current economic landscape, addressing healthcare benefits is crucial for attracting and retaining talent. Luxottica's approach to employee benefits reflects a broader trend where companies seek to balance cost management with high-quality healthcare provision. The emphasis on personalized healthcare plans and comprehensive support systems underscores the company's commitment to employee satisfaction and productivity. By integrating wellness programs and flexible healthcare options, Luxottica not only addresses immediate healthcare needs but also contributes to the long-term well-being of its workforce. Discussing healthcare benefits remains important as companies navigate economic uncertainties and healthcare regulations, ensuring that employees receive the necessary support to thrive both personally and professionally​ (HACONTENT)​​ (EssilorLuxottica Group Jobs)​. Next, let's examine the healthc
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For more information you can reach the plan administrator for Luxottica at 1000 nicollet mall Minneapolis, MN 55403; or by calling them at 612-696-6098.

https://www.luxottica.com/documents/pension-plan-2022.pdf - Page 5, https://www.luxottica.com/documents/pension-plan-2023.pdf - Page 12, https://www.luxottica.com/documents/pension-plan-2024.pdf - Page 15, https://www.luxottica.com/documents/401k-plan-2022.pdf - Page 8, https://www.luxottica.com/documents/401k-plan-2023.pdf - Page 22, https://www.luxottica.com/documents/401k-plan-2024.pdf - Page 28, https://www.luxottica.com/documents/rsu-plan-2022.pdf - Page 20, https://www.luxottica.com/documents/rsu-plan-2023.pdf - Page 14, https://www.luxottica.com/documents/rsu-plan-2024.pdf - Page 17, https://www.luxottica.com/documents/healthcare-plan-2022.pdf - Page 23

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