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Considering a Move to Florida: A Surprise for Guess Employees

Healthcare Provider Update: Healthcare Provider for Guess Guess, the renowned apparel and accessories brand, typically partners with national health insurance providers like UnitedHealthcare for employee healthcare coverage. Such partnerships enable them to offer comprehensive health plans to their employees, ensuring access to a wide network of healthcare services. Potential Healthcare Cost Increases in 2026 In 2026, healthcare costs are projected to rise sharply, presenting significant challenges for consumers and businesses alike. Factors contributing to this surge include the anticipated expiration of enhanced ACA premium subsidies, which could lead to out-of-pocket premium increases exceeding 75% for many policyholders. Additionally, ongoing inflation in the medical sector, driven by escalating costs in hospital services, labor shortages, and increased drug prices, further complicates the financial landscape. As healthcare providers and insurers navigate these pressures, consumers may find themselves facing unprecedented cost burdens unless proactive measures are taken to mitigate the impact. Click here to learn more

'Guess employees considering a move to Florida should carefully weigh the state's tax advantages against the rising costs of property taxes, insurance premiums, and condo assessments, as these hidden expenses may significantly impact their financial plans.' – Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement Group.

'Guess employees looking to relocate to Florida must account for the substantial rise in property taxes, insurance premiums, and condo assessments, as these financial factors could diminish the state's otherwise appealing tax benefits.'– Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

The rising costs of property taxes, insurance premiums, and condo assessments in Florida.
The impact of Florida's new condo assessment laws and their financial implications for potential residents.
The hidden financial challenges faced by new Florida residents, particularly regarding HOA dues and rising housing prices.

Florida has become a popular destination for affluent individuals seeking a relaxed lifestyle and beneficial tax laws in recent years. Due to the Sunshine State's exemption from state and inheritance taxes, a large number of wealthy individuals, including reality TV star Bethenny Frankel and business mogul Jeff Bezos, have relocated there. However, many have faced unexpected financial hurdles, particularly with insurance premiums, property taxes, and condo assessments.

Property taxes are a significant and often unforeseen expense for homeowners, especially in South Florida. Henry Silva, a wealth management advisor at Apollon Wealth Management in Miami, states that Florida's property taxes have increased by an astounding 47.5% between 2019 and 2024. Even homeowners who have owned their properties for decades are feeling the impact of these tax hikes. The state legislature is looking into alternative options, although Governor Ron DeSantis has proposed the complete elimination of property taxes.

In addition to rising property taxes, Florida has some of the highest home insurance rates in the nation. According to Bankrate, the average annual premium for home insurance for a $300,000 home is $2,329 nationwide, but in Florida, it's $5,409. Homeowners must also obtain flood insurance, as many homes in the most desirable neighborhoods, particularly in South Florida, are in flood zones. For some, their insurance and property tax bills are even higher than their mortgage payments. This situation is worsened by Florida's highest-in-the-nation auto insurance rates.

The impacts of climate change have made Florida’s insurance market more challenging to navigate. Homeowners now have fewer options as insurance companies have pulled out of the state’s most disaster-prone areas due to natural disasters, particularly hurricanes. Florida has become a focal point of a housing insurance crisis, with insurers leaving and premiums rising as the likelihood of extreme weather events increases.

Condo owners in Florida have also been grappling with rising expenses in recent years. Following the tragic Surfside condo collapse in 2021, which claimed 98 lives, condo associations are now required by law to conduct a structural integrity reserve analysis for buildings older than 30 years. These assessments determine whether buildings are structurally sound, and condo associations must set aside funds for future repairs. Consequently, condo owners have faced unexpected charges for these assessments, often running into tens of thousands of dollars.

Homeowners association (HOA) dues have also risen. In hurricane-prone areas where infrastructure is vital to surviving natural disasters, HOA fees have surged. According to a Redfin analysis from August 2024, Tampa's median monthly HOA cost rose 17.2% year-over-year, while the national average increased by just 5.7%. Miami now has the highest median monthly HOA dues of any of the 43 metro regions Redfin studied, with Orlando and Fort Lauderdale seeing similar increases.

The influx of rising costs has led to a glut of unsold condos, further compounded by historically high housing prices and increasing mortgage interest rates. Many of these condos remain vacant because prospective buyers are deterred by the steep HOA fees and escalating property taxes.

For potential Florida residents, the process has become even more complicated by new condo assessment laws. Many buyers are unaware of these laws until they are in the process of purchasing a property, only to find themselves facing assessments that can sometimes reach six figures. This has caused many people to reconsider their plans or adjust them.

Despite Florida’s appeal as a tax-friendly refuge, the financial realities of living in the state are more complex than many anticipated. Silva emphasizes that moving to Florida should be based on more than just tax benefits. While the state offers pleasant weather and no income or inheritance taxes, rising costs related to real estate and insurance are significant considerations that should not be overlooked.

In conclusion, anyone considering a move to Florida should carefully evaluate all expenses, including property taxes, insurance premiums, condo assessments, and HOA dues. Florida's tax advantages may not be as substantial as expected, and the rising costs of living could offset the benefits. Prospective residents should enter their relocation with a clear understanding of the true costs to circumvent financial surprises.

For Guess employees thinking of relocating to Florida, it’s important to also understand how the state’s laws may affect your estate planning. While the absence of a state income tax is enticing, many retirees with substantial assets may find that Florida’s higher probate fees, compared to states with income taxes, can result in higher costs. According to a 2023 report by the National Estate Planning Council, the estate distribution process can be significantly affected by these higher fees.

Are you thinking of relocating to Florida? Many new residents are surprised by the financial challenges they face, even though the state doesn’t impose income or estate taxes. Florida boasts some of the highest home and auto insurance rates in the country, property taxes have risen by 47.5% between 2019 and 2024, HOA dues are increasing, and condo owners face unexpected building upkeep costs. As mortgage rates and housing prices continue to climb, prospective residents must take the time to thoroughly examine all the hidden expenses involved before making the move.

Relocating to Florida for retirement is similar to buying a brand-new car and expecting low maintenance costs, only to find the insurance, repairs, and upkeep are significantly more expensive than anticipated. Many new Florida residents, like Guess employees, are taken aback by the high property taxes, exorbitant insurance premiums, and unexpected condo assessments, despite the state’s no-income-tax benefits. These hidden costs have the potential to overshadow Florida’s initial appeal, much like the unexpected maintenance costs of a car that can pile up over time.

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Sources:

1. 'The Rich Flocked to Florida. Then Property Taxes and Condo Assessments Hit.' Yahoo Finance , 15 May 2025, www.yahoo.com . Accessed 19 May 2025.

2. 'Home Insurance Rates by State for 2025.' Bankrate , May 2025, www.bankrate.com . Accessed 19 May 2025.

3. Katz, Lily, Sheharyar Bokhari, and Grishma Bhattarai. 'Condo HOA Fees Surge in Florida Amid Insurance Crisis.' Redfin , 22 Aug. 2024, www.redfin.com . Accessed 19 May 2025.

4. 'Florida's New Condo Laws Recognize the Total Price of Living on the Coast.' University of Florida News , Oct. 2024, www.ufnews.com . Accessed 19 May 2025.

5. 'How Eliminating Property Taxes Could Impact Florida Homeowners.' U.S. News & World Report , Apr. 2025, www.usnews.com . Accessed 19 May 2025.

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

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

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

Yes, Guess provides a matching contribution to employees who participate in the 401(k) plan, up to a certain percentage.

What is the eligibility requirement to participate in Guess's 401(k) plan?

Employees at Guess are eligible to participate in the 401(k) plan after completing a specified period of service, typically 30 days.

Can employees at Guess contribute to their 401(k) plan through payroll deductions?

Yes, employees at Guess can make contributions to their 401(k) plan through convenient payroll deductions.

What is the maximum contribution limit for the Guess 401(k) plan?

The maximum contribution limit for the Guess 401(k) plan is in accordance with IRS regulations, which may change annually.

Does Guess allow employees to take loans from their 401(k) accounts?

Yes, Guess allows employees to take loans from their 401(k) accounts under certain conditions.

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

The Guess 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.

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

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

Is there a vesting schedule for the employer match in the Guess 401(k) plan?

Yes, there is a vesting schedule for the employer match in the Guess 401(k) plan, which outlines how long employees must work to fully own the employer contributions.

Can employees at Guess change their contribution percentage to the 401(k) plan?

Yes, employees at Guess can change their contribution percentage at any time, subject to plan rules.

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

For Guess, Inc., the company's 401(k) plan is known as the "Guess, Inc. 401(k) Plan and Trust." As of 2022, this plan had 4,049 participants, with an average account balance of $20,076 per participant. The estimated average employee contribution in 2022 was $1,269. The 401(k) plan is structured to allow employees to defer a portion of their wages into individual retirement accounts, which are excluded from the employee's taxable income. In terms of eligibility for the 401(k) plan, employees must be 21 years of age and have completed one year of service to participate. The plan also includes a matching contribution from Guess, Inc., although the specifics of the match (e.g., percentage of employee contributions matched) were not detailed in the available sources. Regarding the pension plan, Guess, Inc. offers a defined contribution plan rather than a traditional defined benefit pension plan. This plan allows the company to contribute to individual employee retirement accounts, with the contributions being subject to IRS limits. The company’s contributions are discretionary and are determined by the financial performance of the company. For detailed operational compliance, such as plan amendments, the Guess, Inc. plan is governed by the SECURE 2.0 Act requirements, which introduced new rules regarding catch-up contributions and eligibility for part-time employees starting in 2024.

Restructuring Layoffs: Guess announced restructuring plans in 2023 and 2024 due to declining sales and economic pressure from inflation. The company has laid off numerous employees across various departments as part of this restructuring to streamline operations and reduce costs. These layoffs are crucial to address due to the unstable economic environment, which has impacted consumer behavior and purchasing power. With tax changes also coming into play, these layoffs allow Guess to preserve its financial stability and adapt to a fluctuating market

Company A offered stock options and RSUs to its senior executives and certain key employees. In 2022, the stock options had a four-year vesting schedule with annual vesting. The RSUs granted in 2023 were subject to performance-based criteria. (Source: 10-K Report, Page 42)

Guess has been actively enhancing its employee wellness and health benefits as part of its broader Environmental, Social, and Governance (ESG) strategy. The company's initiatives include expanding wellness and mental health programming, which is set to be fully integrated by 2025. This expansion aims to address the growing need for mental health support among employees, which aligns with their goal of fostering a diverse, inclusive, and connected workplace. In addition to mental health initiatives, Guess is also working on gender pay parity and promoting wellness through various programs, such as mandatory management training on harassment prevention. These efforts are part of a broader commitment to employee well-being, which has been consistently highlighted in their ESG reports. Specific healthcare-related terms and acronyms that Guess focuses on include mental health programming, gender pay parity, and wellness programs, which are key aspects of their strategy to maintain a healthy and supportive work environment.

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

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