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

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

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Healthcare Provider Update: Healthcare Provider for Donaldson Donaldson Company, a renowned global manufacturer of filtration systems, primarily relies on UnitedHealthcare as their healthcare provider. Potential Healthcare Cost Increases in 2026 As we look ahead to 2026, healthcare costs are anticipated to rise significantly, particularly in the context of the Affordable Care Act (ACA). Factors contributing to these increases include the potential expiration of enhanced federal premium subsidies and the overall surge in medical costs, with some states experiencing hikes exceeding 60%. A striking analysis indicates that more than 22 million marketplace enrollees could face an eye-popping 75% rise in out-of-pocket premiums if these subsidies are not renewed. The combination of higher medical expenses and aggressive rate increases from major insurers paints a concerning picture for consumers navigating their healthcare coverage decisions in the near future. 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 Donaldson 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 Donaldson 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 Donaldson careers into a phase of life where tranquility and well-being become the ultimate luxury. 

What is the 401(k) plan offered by Donaldson?

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

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

Donaldson matches employee contributions to the 401(k) plan up to a certain percentage, which helps employees grow their retirement savings.

When can employees at Donaldson start participating in the 401(k) plan?

Employees at Donaldson can start participating in the 401(k) plan after completing a specified period of employment, typically within the first year.

What investment options are available in Donaldson's 401(k) plan?

Donaldson's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.

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

Yes, employees at Donaldson may have the option to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

How often can employees change their contributions to the Donaldson 401(k) plan?

Employees can change their contributions to the Donaldson 401(k) plan at designated times throughout the year, typically during open enrollment periods.

Does Donaldson offer financial education resources for employees regarding the 401(k) plan?

Yes, Donaldson provides financial education resources and tools to help employees understand their 401(k) options and make informed investment decisions.

What happens to my 401(k) savings if I leave Donaldson?

If you leave Donaldson, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing out, or leaving it in the plan, depending on the plan's rules.

Is there a vesting schedule for employer contributions in Donaldson's 401(k) plan?

Yes, Donaldson's 401(k) plan includes a vesting schedule for employer contributions, meaning employees must work for a certain period before they fully own those contributions.

Can employees at Donaldson contribute to the 401(k) plan if they are part-time workers?

Yes, part-time employees at Donaldson may be eligible to contribute to the 401(k) plan, depending on the specific eligibility criteria set by the company.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Identify Relevant Documents: Search for official documents such as the Annual Report, Form 10-K, Form 10-Q, and the Summary Plan Description (SPD) on Donaldson's official website and other reliable sources. Review Multiple Sources: Examine at least four credible websites or documents to ensure accuracy and comprehensiveness. This will include financial filings, company reports, and regulatory filings.
Restructuring and Layoffs: In 2023, Donaldson Company announced a major restructuring plan to streamline operations and reduce costs. This included a reduction in workforce by approximately 5%, primarily affecting its manufacturing and administrative departments. The restructuring is aimed at improving efficiency and competitiveness in a challenging economic environment. The move comes as companies across various sectors are adjusting their strategies to navigate inflationary pressures and supply chain disruptions. Addressing these changes is crucial due to their impact on employment and operational stability, which can affect investment strategies and market confidence. Company Benefit Changes: In early 2024, Donaldson implemented changes to its employee benefits program, including modifications to health insurance coverage and adjustments to retirement plan contributions. The company reduced its matching contributions to 401(k) plans as part of its cost-cutting measures. This shift is significant for employees planning their retirement, as changes in benefits and pension plans can have substantial long-term financial implications. Understanding these adjustments is important for financial planning and retirement preparation, especially given the current economic uncertainties and evolving tax policies.
Specific Company Information on Stock Options and RSUs Donaldson: Donaldson's stock options and RSUs are outlined in their annual reports and proxy statements. For 2022, Donaldson offered stock options and RSUs to senior management and key employees. The stock options were vested over four years, while RSUs had performance-based vesting criteria. Donaldson: In 2023, Donaldson continued its practice of granting stock options and RSUs to senior staff and executives. The grants were tied to performance metrics and included revised vesting schedules based on company performance. Donaldson: For 2024, Donaldson updated its stock option and RSU plans, expanding eligibility to include more mid-level managers. The changes aimed to align compensation with company performance and retention goals.
Donaldson has made updates to its health benefits offerings, including enhancements to their wellness programs and adjustments to coverage options in response to employee feedback. Telemedicine Integration: Recent news indicates Donaldson has increased its focus on telemedicine services as part of its health benefits, allowing employees more access to remote healthcare options. Mental Health Support: Donaldson has expanded its mental health support services, including better access to counseling and mental health resources through its EAP. Cost Adjustments:
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For more information you can reach the plan administrator for Donaldson at 1400 West 94th St Bloomington, MN 55431; or by calling them at (952) 887-3131.

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