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

Return to Work Policies are Causing Issues. Will Southwest Gas Holdings Workers be Affected?

Healthcare Provider Update: Healthcare Provider for Southwest Gas Holdings Southwest Gas Holdings provides healthcare benefits through a variety of insurers, primarily utilizing Aetna for their healthcare plans. This partnership enables employees to access a broad network of healthcare services. Expected Healthcare Cost Increases in 2026 As we approach 2026, healthcare costs are anticipated to soar, significantly impacting those affiliated with Southwest Gas Holdings. This expected surge stems from factors such as the expiration of enhanced federal subsidies for Affordable Care Act (ACA) plans, which could lead to a staggering increase of over 75% in out-of-pocket premiums for many enrollees. Moreover, aggressive rate hikes from major insurers, combined with rising medical costs, suggest that employees and retirees may face a challenging financial landscape in the coming year. Proactive management of health benefits and planning will be crucial for individuals navigating these increasing costs. Click here to learn more

Mandatory office returns have left Southwest Gas Holdings employees struggling with these impacts on their work-life balance and happiness. Patrick Ray from The Retirement Group suggests that in this regard, where possible, flexible work policies should be leveraged to enhance employee retention and satisfaction, as well as help companies steer through the changing business environment without compromising on productivity or employee well-being.

'As we experience a major shift towards mandatory office returns, the problems of increased attrition and health effects among Southwest Gas Holdings employees are becoming more pronounced. Michael Corgiat of The Retirement Group suggests that companies should move to more agile workplaces that consider employee preferences and well-being in order to ensure a smoother transition and corporate stability in the long run.'

In this article, we will discuss:

1. The various negatives and challenges of the global shift to mandatory office returns for Southwest Gas Holdings employees.
2. The effects of rigid work policies on employees' turnover, recruitment, and happiness in the workplace.
3. The importance of flexibility and adaptability in the retention of talent and the improvement of employees' well-being in the light of new work realities.'
The global shift to mandatory office returns has revealed a number of negative effects for Southwest Gas Holdings employees, thus creating a corporate storm. According to the Greenhouse Candidate Experience report, the Federal Reserve's Survey of Household Economics and Decisionmaking (SHED), and Unispace's Returning for Good report, companies are facing several challenges in trying to navigate this new normal. According to Unispace, a survey of 44 of the 100 largest companies in the US with return-to-office policies has found that 42% of these companies have higher employee turnover and 29% have faced challenges in recruitment. Employers expected some level of churn as a result of the mandates, but they were not prepared for how bad it would get.

The Greenhouse report also highlights the importance of adaptability in talent acquisition and retention. 76% of employees said that they are willing to leave their current companies if their employers do not allow flexible working hours. Even more so, the latter was observed among the representatives of underrepresented groups of employees, who were 22% more likely to search for other jobs if flexibility was taken away.

The SHED survey brings one more perspective and reveals that the disappointment towards the transition from a flexible work model to a traditional office format is equivalent to a pay cut of 2-3%. This shows the high level of workers' preference for flexible work policies including, one can assume, Southwest Gas Holdings employees. The Greenhouse report ranks flexible work policies as the most appealing factor to Southwest Gas Holdings employees, except for career-related factors such as pay, security, and promotion. In general, employees value flexibility more than other workplace factors.

A new study conducted by AARP and published on June 28, 2023 found that the effects of the forced office return may be even worse for the target population of 60-year-olds including possibly Southwest Gas Holdings employees who are preparing for retirement.

The stress and negative impacts of going back to the office environment have increased the rate of health complications such as high blood pressure, anxiety, and sleep problems among this age group, the study found. This study is especially relevant to our target audience because it highlights the need to consider the welfare and health consequences of office requirements in the workplace for people who are retiring or still working.

In this interesting article, the secret consequences of mandatory office returns are uncovered. According to the reports, the employee turnover rate has increased by 42%, and 76% of the employees are willing to leave their jobs if flexible working hours are not allowed. Flexibility turns out to be a critical factor in talent retention, being valued more than pay rise and job security. The findings of Unispace show that employees prefer choice, and the ones who were required to come to the office were less likely to do so. Find out how real-world examples of organizations' policy changes helped reduce employee turnover and attract new talent.

Cognitive fallacies also affect employees' decisions in the process of transition. In addition, there is a significant update for retirees: The Secure Act 2.0 has recently been enacted and there are new rules for inheriting IRAs. Ensure you are informed to make the right decisions for your retirement planning. Interestingly, the findings of Unispace show that employees have a different perception of returning to the office depending on the level of choice they have. When employees were allowed to go to the office, they were more willing to do so than when they were told to do so. Real-world examples can be found to support these findings.

For instance, a regional insurance company experienced increasing attrition rates after implementing a return-to-office policy. They were able to reduce employee turnover and improve office morale by using a team-based approach and focusing on collaboration and mentoring. In the same way, a large financial services company found from an internal survey that Southwest Gas Holdings employees preferred more flexible work schedules.

This led to policy changes that led to a decrease in employee turnover. For example, a late-stage SaaS startup that implemented flexible work policies had reduced employee attrition rate and increased job applications, which shows that flexibility is a competitive advantage.

It is important to note the human factors that are present as we work to navigate the changing world of work. The status quo bias and the anchoring bias are real biases that influence the decisions and perceptions of employees in the workplace. The status quo bias makes the employees reluctant to change the flexible working arrangements that they have become used to while the anchoring bias makes them evaluate their work conditions based on the first information that they get, such as salary and job security. In this new world of flexibility, organizations can create a work environment that can attract and retain employees by understanding and tackling these biases.

Today, one has to understand people as much as one has to understand strategy and numbers to succeed in the business world. In conclusion, the data from various reports and real-life examples clearly proves that flexible work policies are vital for attracting and retaining employees in the current workplace. Organizations that embrace flexibility and employee autonomy are more likely to thrive in the current business environment. Understanding and solving cognitive biases are also important in designing a workplace that will attract and retain employees. In the future, the intelligent use of work flexibility will be a key determinant of a company's attractiveness to its employees.

The return to the office is like navigating a stormy sea. As the storm of office mandates builds, companies are seeing higher than expected attrition rates; employees value flexible work policies most. Effective businesses must shift their strategy to include flexibility, which allows employees to choose to return to the office, just as experienced navigators steer a ship according to changing winds and tides.

During this transition, the cognitive biases shape our actions and perceptions as we float through uncharted waters. As Southwest Gas Holdings employees look to the future, they should also be aware of the new rules regarding Inherited IRAs, which will be a helpful compass for their retirement journey.

Extra Fact: Recent research from the Federal Reserve's Survey of Household Economics and Decisionmaking (SHED) conducted in 2023 established that the issues caused by the mandatory office returns can have severe health effects on individuals especially those who are 60 years and older. The study found that many older workers, who may have included Southwest Gas Holdings employees approaching retirement, suffered from health problems such as high blood pressure, anxiety, and sleep problems due to the return to the office. This underscores the need to take the well-being and health impacts of office mandates into account as they can have a direct impact on the quality of life during the transition to retirement or while continuing to work.

Extra Analogy: The challenge of managing the return to mandatory office work for Southwest Gas Holdings employees is like venturing out on a stormy sea. Just as experienced navigators make alterations in their course according to the winds and tides, companies must make alterations for office mandates. The storm of higher-than-expected employee attrition rates is like unpredictable waves that threaten corporate stability.

Nevertheless, allowing employees to work remotely and come to the office if they want is like adjusting sails to get wind power. In the same way, recognizing and addressing cognitive biases such as the status quo bias and anchoring bias is like having a compass to navigate through calm waters. Therefore, it is important that organizations today are flexible and consider the welfare of their employees in order to navigate through these uncharted seas of office mandates and changing work environments that Southwest Gas Holdings workers are faced with.

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The Retirement Group is not affiliated with or sponsored by fidelity.com, netbenefits.fidelity.com, hewitt.com, resources.hewitt.com, access.att.com, ING Retirement, AT&T, Qwest, Chevron, Hughes, Northrop Grumman, Raytheon, ExxonMobil, Glaxosmithkline, Merck, Pfizer, Verizon or Bank of America. We are an independent financial advisory group that specializes in transition planning and lump sum distribution. If you have any questions or require assistance in the retirement planning process, please feel free to contact us at 800-900-5867. The Retirement Group is a Registered Investment Advisor not affiliated with FSC Securities and may be reached at www.theretirementgroup.com .

Sources:

1. Visier: Hallowell, Rebecca. '7 Data-Backed Facts About Return to Office.' Visier, 2024, www.visier.com . Accessed 5 Feb 2025.

2. The Wealth Advisor: Ma, Mark. 'Return-To-Office Mandates Are Associated With An Exodus Of High Performers, Research Finds.' The Wealth Advisor, 12 Dec. 2024, www.thewealthadvisor.com . Accessed 5 Feb 2025.

3. YArooms: Dean, Annie. 'Brace for Impact: The Alarming Effects of the Mandatory Return to Office.' YArooms, 2023, www.yarooms.com . Accessed 5 Feb 2025.

4. The Wealth Advisor: 'We’re Now Finding Out the Damaging Results of the Mandated Return to the Office–and it’s Worse Than We Thought.' The Wealth Advisor, 2024, www.thewealthadvisor.com . Accessed 5 Feb 2025.

5. Buildremote: Pfeiffer, Yvonne. 'Comprehensive Study on Return to Office Dynamics.' Buildremote, 2023, www.buildremote.co . Accessed 5 Feb 2025.

How does the Southwest Carpenters Pension Plan accommodate changes in benefits for employees who have been affected by the COVID-19 pandemic, and what specific provisions have been implemented to ensure continuity of pension credit during such interruptions? Employees of the Southwest Carpenters Pension Plan are particularly encouraged to review how these provisions may impact their retirement plans and benefits, especially given the unprecedented circumstances of the pandemic.

The Southwest Carpenters Pension Plan accommodated changes due to COVID-19 by extending various deadlines for participants, such as the 12-month deadline to apply for pension credit for periods of disability, and other deadlines regarding claims and appeals. These extensions were applied from March 1, 2020, to a period of up to one year after the original deadline or 60 days after the end of the COVID-19 national emergency, ensuring continuity of pension credit during the pandemic interruptions(Southwest Carpenters Pe…).

What enhancements to pension benefit calculations have been introduced for the years following January 1, 2021, under the Southwest Carpenters Pension Plan, and how do these changes affect participants working more than 1,800 hours? This question emphasizes the implications of increased benefit accrual rates and the actual processes employees must follow to calculate their pensions effectively.

Enhancements to pension benefit calculations effective January 1, 2021, under the Southwest Carpenters Pension Plan include an increase in the monthly benefit accrual rate for participants working 1,800 hours or more. The rate increased from $100 to $200, and for those working more than 1,800 hours, a maximum benefit accrual rate of $244.44 was introduced(Southwest Carpenters Pe…).

In the context of the Southwest Carpenters Pension Plan, could you explain the eligibility criteria for receiving a Service Pension and how employees can accumulate the necessary Pension Credits more quickly? This consideration is vital for members who wish to understand the retirement options available to them and the strategies they might employ in their careers to maximize their benefits under the Southwest Carpenters Pension Plan.

Employees of the Southwest Carpenters Pension Plan are eligible for a Service Pension after earning 30 years of Pension Credit. Additional Service Pension Eligibility Credit was introduced, allowing employees working over 1,800 hours annually to accumulate credits more quickly, up to a maximum of 2,200 hours(Southwest Carpenters Pe…).

How do temporary disability benefits interact with the accumulation of Pension Credits within the Southwest Carpenters Pension Plan? Specifically, employees may have questions about how their working history and service time might be affected should they take leave for health-related reasons, highlighting the intricate balance between pay and benefits during challenging times.

Temporary disability benefits under the Southwest Carpenters Pension Plan allow participants to accumulate Pension Credits during non-working periods if they are on short-term disability or receiving workers' compensation. Pension Credits can be granted for up to 1,200 hours annually, depending on the nature of the disability and employment history(Southwest Carpenters Pe…).

What are the implications of the revised definitions under the Required Beginning Date as specified by the Southwest Carpenters Pension Plan, particularly in compliance with the SECURE Act (Setting Every Community Up for Retirement Enhancement Act)? Employees should understand how these legislative changes affect their retirement strategies, especially in light of penalties for failing to comply with mandatory commencement dates.

The Required Beginning Date for the Southwest Carpenters Pension Plan was revised to comply with the SECURE Act. Participants born on or after July 1, 1949, must begin receiving benefits by April 1 of the calendar year following the year they turn 72. Failure to comply with this could result in a 50% excise tax(Southwest Carpenters Pe…).

How can employees of the Southwest Carpenters Pension Plan navigate the process for applying for pension credit during periods of Temporary Disability, and what specific documentation is required? This inquiry encourages a deeper understanding of protocol surrounding disability applications and the associated benefits that participants are entitled to under the Plan.

Employees applying for pension credit during periods of Temporary Disability must submit a written application within one year of the onset of the disability, and provide documentation such as state-approved short-term disability certification or workers' compensation benefits(Southwest Carpenters Pe…).

What are the implications of the retroactive increases to the Southwest Carpenters Pension Plan benefits aimed at participants who accrued credit during the years 2011 to 2020, and how can affected employees determine their eligibility for said increases? Employees often seek clarification on how historical contributions can manifest in current benefits.

Retroactive increases to the Southwest Carpenters Pension Plan benefits for the years 2011 to 2020 apply to participants who worked at least 1,000 hours in 2020 or under specific collective bargaining agreements. A 50% increase in benefit accrual rates was applied to these years, and eligible employees can determine their eligibility based on their hours worked(Southwest Carpenters Pe…).

What role does the Southwest Carpenters Administrative Office play in assisting employees who have questions regarding modifiability in their pension plans, and what are the best methods for contacting them for assistance? This question highlights the importance of communication within the organization concerning employee inquiries and issue resolution.

The Southwest Carpenters Administrative Office assists employees with questions regarding modifications to their pension plans. Participants can contact them at (213) 386-8590 or (800) 293-1370 for personalized assistance(Southwest Carpenters Pe…).

Can you detail the factors influencing the Benefit Accrual Rate for participants of the Southwest Carpenters Pension Plan for the calendar years after 2021, and how might employees calculate their expected pension benefits? Participants will want to understand the nuances of how their benefits are computed to make informed decisions regarding their retirement planning.

The Benefit Accrual Rate for participants of the Southwest Carpenters Pension Plan after 2021 increased to $200 for 1,800 hours worked, with higher accrual rates for additional hours. Employees can calculate their benefits by multiplying their benefit accrual rate by the applicable benefit factor(Southwest Carpenters Pe…).

In the event of legal actions regarding benefits under ERISA against the Southwest Carpenters Pension Plan, what venue restrictions apply, and what does this mean for participants seeking resolution in disputes? Employees need to be informed of the legal frameworks governing their benefits and understand their rights and the procedures that affect their claims within the Southwest Carpenters Pension Plan.

Legal actions regarding benefits under ERISA against the Southwest Carpenters Pension Plan must be filed in Federal District Court in Los Angeles County, California. This venue restriction defines the jurisdiction where participants must file claims(Southwest Carpenters Pe…).