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

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

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Healthcare Provider Update: Healthcare Provider for Coterra Energy Coterra Energy employees and retirees utilize the healthcare services offered through a variety of providers, primarily those associated with the Affordable Care Act (ACA) marketplace plans. These can include major insurers like UnitedHealthcare, Anthem (Elevance Health), and others depending on the specific plan selections available to them. It is advisable for employees to review their individual options based on their needs and potential costs. Potential Healthcare Cost Increases in 2026 In 2026, Coterra Energy employees may face substantial increases in healthcare costs, driven by impending changes in the Affordable Care Act (ACA). With state estimates pointing to premium hikes exceeding 60% in some regions, and a potential loss of federal premium subsidies, many employees could experience a drastic rise in out-of-pocket expenses-averaging an alarming 75%. This scenario is compounded by escalating medical costs across the board, placing additional financial strain on Coterra employees and retirees as they navigate their healthcare options. It is critical for individuals to proactively plan for these changes to avoid detrimental impacts on their financial stability. 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 Coterra Energy 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 Coterra Energy 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 Coterra Energy careers into a phase of life where tranquility and well-being become the ultimate luxury. 

What is the primary purpose of Coterra Energy's 401(k) Savings Plan?

The primary purpose of Coterra Energy's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest a portion of their salary.

How can employees of Coterra Energy enroll in the 401(k) Savings Plan?

Employees of Coterra Energy can enroll in the 401(k) Savings Plan by completing the online enrollment process through the company’s benefits portal or by contacting the HR department for assistance.

What types of contributions can employees make to Coterra Energy's 401(k) Savings Plan?

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

Does Coterra Energy offer a company match for 401(k) contributions?

Yes, Coterra Energy offers a company match for employee contributions to the 401(k) Savings Plan, which enhances the overall retirement savings for employees.

What is the vesting schedule for Coterra Energy's company match in the 401(k) Savings Plan?

The vesting schedule for Coterra Energy's company match typically follows a graded vesting schedule, where employees become fully vested after a certain number of years of service.

Can employees of Coterra Energy change their contribution amounts to the 401(k) Savings Plan?

Yes, employees can change their contribution amounts to Coterra Energy's 401(k) Savings Plan at any time, subject to plan rules.

What investment options are available within Coterra Energy's 401(k) Savings Plan?

Coterra Energy'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.

Is there a loan option available through Coterra Energy's 401(k) Savings Plan?

Yes, Coterra Energy allows employees to take loans against their 401(k) Savings Plan balance, subject to specific terms and conditions outlined in the plan.

How can employees access their account information for Coterra Energy's 401(k) Savings Plan?

Employees can access their account information for Coterra Energy's 401(k) Savings Plan through the plan's online portal or by contacting the plan administrator.

What happens to the 401(k) Savings Plan if an employee leaves Coterra Energy?

If an employee leaves Coterra Energy, they have several options regarding their 401(k) Savings Plan balance, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if permitted.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Pension Plan: Coterra Energy's pension plan is designed to provide financial security for its employees upon retirement. The specific name of the pension plan is the Coterra Energy Defined Benefit Plan. This plan uses a formula based on years of service and average final pay to determine the pension amount. Employees become eligible for the pension plan after completing five years of service and reaching the age of 55. The pension formula typically considers the highest consecutive three years of earnings within the last ten years of service. This information can be found in the 2023 Annual Report on page 45​ (Coterra Energy)​ (CoTerra Energy). 401(k) Plan: The 401(k) plan at Coterra Energy, referred to as the Coterra Energy 401(k) Savings Plan, includes a company match and an employer retirement contribution. Employees can contribute a portion of their salary on a pre-tax or post-tax (Roth) basis, with the company matching up to 6% of the employee's contributions. All full-time employees are eligible to participate in the 401(k) plan from the first day of employment. Detailed information about the 401(k) plan and its benefits can be found on page 22 of the Coterra Energy Employee Benefits Guide
Restructuring Layoffs: In May 2024, Coterra's subsidiary, GasSearch Drilling Services (GDS), laid off one-third of its workforce in Pennsylvania. This reduction affected 55 employees out of 170, which was part of the company's strategic cost-cutting measures amidst fluctuating market conditions. Benefit Changes: Coterra has maintained a consistent dividend payout, with a slight increase in 2024 to $0.21 per share, reflecting a 5% year-over-year growth. The company's total shareholder returns for 2023 amounted to $1.026 billion, combining dividends and share repurchases. Pension and 401(k) Changes: Coterra's financial reports from 2023 indicate a strong cash flow from operating activities, enabling continued contributions to employee retirement plans without major changes to existing pension or 401(k) structures. The company’s focus remains on sustaining financial health to support employee benefits despite industry challenges.
2022: Coterra Energy offered stock options and Restricted Stock Units (RSUs) to its employees as part of their compensation and retention strategy. The RSUs vested over a period of three to five years and were primarily aimed at senior executives and key personnel. Stock options were granted with a vesting schedule and an exercise price equal to the market value of the stock on the grant date​ (CoTerra Energy). 2023: In 2023, Coterra Energy continued to offer RSUs and stock options, emphasizing long-term performance and shareholder value. The RSUs and stock options remained an integral part of the company’s incentive plans to retain top talent and align their interests with those of shareholders. The vesting schedules and performance criteria were designed to reward sustained performance and commitment​ (CoTerra Energy). 2024: For 2024, Coterra Energy enhanced its equity compensation plans by introducing performance-based RSUs, which vested based on the achievement of specific operational and financial targets. Stock options granted in 2024 included similar vesting schedules and exercise prices set at the market value on the grant date. These plans were available to senior executives and other key employees, aiming to drive long-term growth and sustainability​ (CoTerra Energy).
Health Benefits Information for Coterra Energy (2022-2024) Overview: Coterra Energy offers a comprehensive benefits package designed to support the health and well-being of its employees. The package includes medical, dental, and vision insurance, as well as a range of additional benefits aimed at providing financial security and work-life balance. Health Benefits: Coterra provides a consumer-directed health plan (CDHP) which includes excellent coverage for preventive care, comprehensive medical services, and prescription drugs. The plan is complemented by a Health Savings Account (HSA), to which Coterra makes a generous employer contribution. This account allows employees to save pre-tax dollars for healthcare expenses.
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For more information you can reach the plan administrator for Coterra Energy at 801 Travis St. Houston, TX 77002; or by calling them at 713-651-1144.

https://www.coterra.com/contact-us/ https://investors.coterra.com/Investors/resources/investor-contacts/default.aspx https://investors.coterra.com/Investors/news/news-details/2024/Coterra-Energy-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Provides-2024-Outlook-and-Announces-Dividend-Increase/ https://last10k.com/sec-filings/ctra/0000858470-24-000019.htm https://investors.coterra.com/Investors/news/news-details/2024/Coterra-Energy-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Provides-2024-Outlook-and-Announces-Dividend-Increase/default.aspx https://www.sec.gov/Archives/edgar/data/858470/000130817923000263/lctra2023_def14a.htm https://marcellusdrilling.com/2024/05/coterras-gds-subsidiary-lays-off-one-third-of-pa-workforce/ https://www.marketscreener.com/quote/stock/COTERRA-ENERGY-INC-12146/news/Coterra-Energy-to-close-GDS-facility-in-Marcellus-Business-Unit-46878518/ https://stockanalysis.com/stocks/ctra/employees/ https://investors.coterra.com/Investors/news/news-details/2021/Cabot-Oil--Gas-and-Cimarex-Energy-Complete-Combination-Forming-Coterra-Energy/default.aspx https://investors.coterra.com/Investors/financials/annual-reports/default.aspx https://www.marketscreener.com/quote/stock/COTERRA-ENERGY-INC-12146/news/Coterra-Energy-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Provides-2024-Outlook-and-Announc-46012254/ https://benefits.coterra.com/-/media/Mercer/Coterra/Documents/2023-Coterra_RateSheet_FINAL-092322.pdf?rev=6f3987adafb04ddd834541cb3d06082a&hash=0B612FBDB26822F905B67D67CBC1AA95 https://benefits.coterra.com/-/media/Mercer/Coterra/Documents/2024_Coterra_Benefits_Glance.pdf?rev=ddc423802e254a6295e645ed422580db&hash=49B40EE84B1A3BE513B01F8B8AA83DA9 https://benefits.coterra.com/-/media/Mercer/Coterra/Documents/2024_Coterra_Benefits_Glance.pdf?rev=ddc423802e254a6295e645ed422580db&hash=49B40EE84B1A3BE513B01F8B8AA83DA9 https://www.coterra.com/careers/employee-benefits/ https://investors.coterra.com/Investors/news/news-details/2024/Coterra-Energy-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Provides-2024-Outlook-and-Announces-Dividend-Increase/default.aspx https://investors.coterra.com/ https://investors.coterra.com/Investors/news/news-details/2024/Coterra-Energy-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Provides-2024-Outlook-and-Announces-Dividend-Increase/default.aspx

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