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

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

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Healthcare Provider Update: Healthcare Provider for Marathon Oil: Marathon Oil utilizes various healthcare providers for its employee health insurance plans, including major national insurers such as UnitedHealthcare, Anthem Blue Cross Blue Shield, and Cigna. These partnerships typically aim to deliver comprehensive health coverage to employees, taking into account various healthcare needs and preferences. Potential Healthcare Cost Increases in 2026: As we approach 2026, employees of Marathon Oil may face significantly higher healthcare costs due to anticipated sharp increases in Affordable Care Act (ACA) premiums. Projections indicate that up to 92% of ACA policyholders could see their monthly premiums rise by over 75%, largely attributed to the expiration of enhanced federal subsidies. Coupled with record rate hikes from insurers-some exceeding 60%-these factors are creating a perfect storm for increased healthcare expenses, impacting financial planning for many employees considering retirement or changes in coverage. Without proactive strategies, employees may find themselves navigating a challenging healthcare landscape. 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 Marathon Oil 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 Marathon Oil 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 Marathon Oil careers into a phase of life where tranquility and well-being become the ultimate luxury. 

What is the 401(k) plan offered by Marathon Oil?

The 401(k) plan at Marathon Oil is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.

How can I enroll in the Marathon Oil 401(k) plan?

Employees can enroll in the Marathon Oil 401(k) plan by logging into the employee benefits portal and following the enrollment instructions provided.

Does Marathon Oil offer a company match on the 401(k) contributions?

Yes, Marathon Oil offers a company match on employee contributions to the 401(k) plan, which helps employees save for retirement more effectively.

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

The maximum contribution limit for the Marathon Oil 401(k) plan is determined by the IRS guidelines, which are updated annually. Employees should check the latest IRS limits for specifics.

Can I change my contribution percentage to the Marathon Oil 401(k) plan?

Yes, employees can change their contribution percentage to the Marathon Oil 401(k) plan at any time through the employee benefits portal.

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

The Marathon Oil 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

When can I access my funds from the Marathon Oil 401(k) plan?

Employees can access their funds from the Marathon Oil 401(k) plan upon reaching retirement age, or in cases of financial hardship, as specified in the plan guidelines.

Does Marathon Oil provide financial counseling for 401(k) participants?

Yes, Marathon Oil offers financial counseling services to help employees make informed decisions about their 401(k) investments and retirement planning.

Is there a vesting schedule for the company match in the Marathon Oil 401(k) plan?

Yes, Marathon Oil has a vesting schedule for the company match, which determines how much of the employer contributions employees are entitled to based on their years of service.

Can I take a loan against my Marathon Oil 401(k) plan?

Yes, employees may have the option to take a loan against their Marathon Oil 401(k) plan, subject to the terms and conditions outlined in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Marathon Oil offers both a pension plan and a 401(k) plan to its employees. The pension plan is a cash balance-type plan provided entirely by the company, with no need for employee enrollment. Eligible employees include full-time, part-time, and casual workers who automatically join upon starting employment. The pension plan credits a percentage of the employee’s eligible pay annually based on a combination of age and years of service. For employees under 50 years old, the credit is 7%; for those aged 50 to 69, it increases to 9%; and employees aged 70 or older receive 11%. Employees become vested in the pension plan after three years of service, and the plan is administered by Fidelity. Source: Marathon Petroleum Company LP Retirement Plan Summary (2024), page 12​ (MyMPCBenefits). Marathon Oil also provides a 401(k) plan with a company match. The company matches employee contributions up to 7%, making it a highly competitive offering. This 401(k) plan is available to all employees upon hire, and contributions grow tax-deferred. Employees are encouraged to take full advantage of the company's matching contributions to maximize their retirement savings. The plan is also administered through Fidelity, with various investment options available to employees.
Restructuring: Marathon Oil confirmed plans to lay off around 5% of its U.S. workforce in early 2023. These layoffs were part of broader restructuring efforts to align with the company's cost-cutting measures. Additionally, the announcement of the ConocoPhillips acquisition in 2024 will result in further organizational changes​ (Marathon Oil)​ (MyMPCBenefits).
Marathon Oil offers stock options and Restricted Stock Units (RSUs) as part of its employee compensation packages. These options and RSUs are typically awarded to key employees as part of long-term incentive programs aimed at aligning their interests with the company’s financial performance and shareholder value. The company's stock options, represented by the ticker symbol MRO, allow employees to purchase shares at a predetermined price after a specified vesting period. These options are generally available to senior-level employees and executives as a part of their performance-based compensation. In terms of RSUs, Marathon Oil grants these units as a way to give employees actual stock after a vesting period, usually contingent upon continued employment. RSUs are often distributed to a broader group of employees, beyond just executives, as part of Marathon Oil’s incentive to retain talent. For instance, the company has emphasized its commitment to ESG (Environmental, Social, Governance) principles, and RSUs have been linked to performance metrics such as safety performance and greenhouse gas reduction goals in their executive compensation scorecards.
Marathon Oil has a comprehensive healthcare benefits program designed to meet the diverse needs of its employees, with a particular emphasis on modernizing and personalizing healthcare offerings from 2022 through 2024. Key healthcare-related terms and acronyms used by Marathon Oil include Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Employee Assistance Programs (EAPs). These programs are part of their broader strategy to offer flexible and accessible healthcare options to employees. Marathon Oil has emphasized virtual healthcare services to increase accessibility and reduce barriers to care, particularly in areas like mental health and chronic disease management. This includes virtual behavioral health services, which have seen significant engagement, helping reduce stigma and improve access to care. Additionally, they have implemented a "click and mortar" strategy that allows employees to choose between virtual and in-person appointments, enhancing convenience and flexibility​ (Marathon Oil)​ (Marathon Oil). Moreover, the company has made efforts to improve communication about their health benefits. Recognizing that underutilization of benefits often stems from a lack of awareness, Marathon Oil has adopted an omnichannel communication strategy. This includes emails, text messages, webinars, and even physical signage at work sites to ensure that all employees are fully informed about their healthcare options​ (Marathon Oil).
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For more information you can reach the plan administrator for Marathon Oil at , ; or by calling them at .

https://carlsoncap.com/articles/nua-net-unrealized-appreciation/ https://turbotax.intuit.com/tax-tips/retirement/net-unrealized-appreciation-nua-tax-treatment-amp-strategies/c71vBJZ2B https://www.kitces.com/blog/net-unrealized-appreciation-irs-rules-nua-from-401k-and-esop-plans/ https://bogartwealth.com/nua-strategy/ https://www.sec.gov/Archives/edgar/data/101778/000119312512088742/d270787dex1032.htm https://mympcbenefits.com/Your-Financial-Future/Retirement-Plan.aspx https://www.thelayoff.com/t/1sQQHutk https://ir.marathonoil.com/ https://www.foxrothschild.com/publications/interest-rate-hikes-present-challenge-for-fully-funded-pension-plans https://www.marathonoil.com/ https://mympcbenefits.com/Your-Financial-Future/Retirement-Plan.aspx https://pgjonline.com/news/2024/may/conocophillips-to-acquire-marathon-oil-in-225-billion-deal-amid-ongoing-energy-mergers https://www.energyconnects.com/news/oil/2024/may/conocophillips-to-acquire-marathon-oil-in-22-5-billion-all-stock-transaction/ https://www.marathonoil.com/sustainability/safety-and-workforce/human-capital-management/ https://www.marathonoil.com/investor-center/annual-report-and-proxy/ https://nb.fidelity.com/public/nb/MarathonOil/home https://www.theretirementgroup.com/featured-article/5448119/marathon-oil-employees-you-dont-need-to-be-a-millionaire-to-retire-comfortably https://nb.fidelity.com/public/nb/MarathonOil/home https://ir.marathonoil.com/

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