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Lumen Professionals: What Aspects of Job Loss do People not Like to Talk About?

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Healthcare Provider Update: Healthcare Provider for Lumen Lumen Technologies offers healthcare benefits through various providers, with a significant partnership with Cigna Healthcare for their employee health plans. Cigna provides a range of coverage options including medical, dental, and vision care, tailored to meet the diverse needs of Lumen's workforce. Healthcare Cost Increases in 2026 In 2026, healthcare costs are projected to experience significant increases, largely driven by the expiration of enhanced federal premium subsidies under the Affordable Care Act (ACA). As insurers anticipate premium hikes of around 20% on average, many states are reporting increases of over 60% in some plans. This perfect storm of rising medical expenses, coupled with increased demand for services and labor shortages, could push out-of-pocket premiums for 92% of ACA enrollees up by more than 75%. Consequently, individuals may face considerable financial barriers to accessing adequate healthcare coverage moving forward. Click here to learn more

Rich personal and professional support systems are critical for Lumen employees facing job insecurity and mental health issues, says Brent Wolf, of the Retirement Group, a division of Wealth Enhancement Group. Such systems 'provide a safety net in turbulent times and in maintaining identity and purpose for people.'

And Kevin Landis of the Retirement Group of Wealth Enhancement Group says proactive career management is important for Lumen personnel. He advises employees to 'keep learning and practicing psychological wellness to adapt to the uncertain economic landscape.'

What is it that we will discuss here?

1. The Psychological Impact of Economic Instability: How economic downturn caused by COVID-19 has led to greater mental health challenges among Lumen employees.

2. Linking Employment Status to Mental Wellbeing: Correlation between job security, unemployment and mental health - need for psychological interventions.

3. Support Systems & Job Training for Reemployment: Psychological support should be combined with practical job training to improve reemployment and mental well being of affected people.

Impacts on Mental Health of Economic Upheaval from COVID-19

The economic crisis caused by the COVID-19 pandemic has transformed the international stage in recent years. That this is resembling the turmoil of the Great Depression has alarmed economists and public health officials. The prospect of increased mental health complications stemming from job insecurity in the United States is making preparations urgent. What does that mean to Lumen personnel?

The Relationship of Unemployment to Mental Health

Unemployment has historically been linked to anxiety, melancholy and lower life satisfaction. Underemployment and job insecurity, two less frequently mentioned pandemic repercussions, are also sources of distress for large sections of the population.

The relevance of such psychological intervention is supported by evidence. Existing research suggests that broad job search initiatives involving increased motivational and cognitive aptitudes in addition to skill development generally produce better outcomes for professionals employed by Lumen companies. With psychologists in these programs, the interconnectedness of unemployment with physical and mental health can be reinforced.

Longevity of employment is a psychological and financial nightmare, says Professor Carl Van Horn, a public policy expert at Rutgers University. Although immediate solutions to the economic hardships are not possible, psychological support can be invaluable in navigating and managing situations.

Pervasive Consequences of Job Loss

Famous industrial and organizational psychologist Dr. Connie Wanberg stresses the societal impact of employment. It is a channel for social interaction, identity, purpose and structure, in addition to income. Potentially devastating effects if these components are lost by Lumen people are enormous.

One large scale meta-analysis led by Dr. Frances McKee-Ryan from the University of Nevada, Reno examined how unemployment increases vulnerability to mental health problems when basic needs like healthcare, food and shelter are threatened. An extensive German meta-analysis by Drs. Karsten Paul and Klaus Moser supports the causal connection between unemployment and deteriorating mental health.

The prolonged unemployment compounds this negative trend. Among other observations, high wealth and weak unemployment - a description that aptly describes the United States - make countries particularly vulnerable to adverse effects of unemployment on mental health.

But widespread unemployment does not automatically ease the psychological pain. Although universally felt, the pandemic-induced economic downturn worsens mental health issues because immediate reemployment opportunities are scarce.

Addressing Self-Perception and Unemployment

Research illuminated the complex interaction between unemployment, self-perception and external systemic forces. A tendency among professionals in the United States to blame employment loss on oneself contributes to poor mental health.

Psychologists help reorient this perception. Their assistance might help people to see that external influences can influence people and to work on self-improvement rather than self-deprecation.

The nuanced issues of underemployment and Job Insecurity

Underemployment also requires attention. Early results show job instability characterized by inadequate compensation or temporary employment negatively affects mental well-being. A vicious circle of anxiety that feeds perceptions of uncertainty can create insecurity that prevents efforts to mitigate that insecurity, says Leeds University Business School's Dr. Chia-Huei Wu.

For those approaching retirement age, unemployment has especially devastating results. Empirical results indicate that involuntary job loss may influence future financial security and retirement timing. Involuntary job loss dragged down retirement wealth by on average 9%, according to a December 2020 study by the Urban Institute. That decrease reflects depleted savings and possible penalties for premature withdrawals from retirement accounts. In addition, such circumstances may increase mental health strains associated with financial anxiety and future unpredictability.

Identifying and Helping Vulnerable Populations

Some particular demographic groups are comparatively more vulnerable to the COVID-19 pandemic consequences. In particular the service sector - made up almost entirely of people of color and women - has seen high levels of unemployment. Defective broadband also means remote work is unaffordable in some areas.

An especially scary revelation involves the older workforce - those in their 50s and 60s. People are particularly at risk for health and economic risks during economic recession. Yet entry-level positions also are scarce among the youngest in the labor force.

Job Training & Support

The tight labor market for Lumen employees presents a formidable obstacle to reemployment but some interventions may improve reemployment prospects and psychological well being of those seeking employment. This is an admirable endeavor - the JOBS program developed by Dr. Richard Price and Dr. Amiram Vinokur of the University of Michigan. The program works in many countries and combines skill development with psychological support to ensure a balanced job search in the current turbulent environment.

In short, mental health consequences of the economic crisis caused by COVID-19 are numerous and diverse. For these reasons a combined psychological - practical strategy is needed. As time goes by, Lumen personnel must prioritize and execute these broad strategies to help those affected by these unprecedented circumstances.

During the COVID-19 pandemic, navigating the current economic environment is like a sailor facing a sudden and intense tempest after decades of calm navigation. The more experienced and competent mariners are unexpectedly met with turbulent water which threatens their fine sense of navigation and safety. The tempest is not attached to prior achievements or social standing, like unforeseen unemployment or the unpredictable labor market. It may upset even the most successful people's equilibrium and cause financial and emotional harm. But using navigational tools and support systems analogous to social support networks and psychological interventions these sailors may navigate the tempest, realign themselves and explore new lands. This difficult expedition - though formidable - shows the fortitude and flexibility of those who have labored through calm and turbulent waters at Lumen.

Added Fact:

A difficult identity reconstruction task is often not discussed much when experienced professionals lose their jobs. According to a March 2023 Harvard Business Review article, people later in their career equate self-worth with professional success. Any sudden separation from this association due to job loss could create an identity crisis just as debilitating as the financial strain. This article argues that pre-retirement counseling for Lumen professionals should address financial planning as well as psychological readiness for the transition - and that personal identity must be redefined beyond the professional realm.

Added Analogy:

A career with a Lumen company is like captaining an ocean liner. Years pass in calm and stormy seas with your identity tucked into the hull - big, tough, and seemingly unsinkable. But when the ship bumps into a hidden iceberg - like a job loss suddenly - the vessel becomes compromised. It is rarely spoken about however, the captain's silent struggle not against the sea, but against the loss of command. Like the captain, the displaced professional faces a private reckoning. They have lost their self-image reflected in the sexy interior of their corporate ship. The damage from the iceberg is below the waterline and represents the grief professionals feel when losing their job, their daily purpose, and a part of themselves they thought was unsinkable. It's this aspect of job loss, the identity crisis and not just the financial impact that many Lumen professionals deal with in their heads alone.

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Sources:

1. Bierman, Alex, et al. 'COVID-19, Economic Impact, Mental Health, and Coping Behaviors: A Conceptual Framework and Future Research Directions.'  Frontiers in Psychology , vol. 11, 2021,  www.frontiersin.org/articles/10.3389/fpsyg.2020.585897/full .

2. Ferry, Frances, et al. 'Employment Uncertainty and Mental Health During the COVID-19 Pandemic: The Role of Underemployment.'  Frontiers in Sociology , vol. 6, 2021,  www.frontiersin.org/articles/10.3389/fsoc.2021.650238/full .

3. Padilla-Frausto, Imelda. 'COVID’s Economic Fallout Increased Risks for Poor Mental Health.'  UCLA Newsroom , 15 Sept. 2021, newsroom.ucla.edu/releases/covid-economic-fallout-increased-risks-for-poor-mental-health.

4. McInerney, Paul, et al. 'COVID-19 Induced Economic Slowdown and Mental Health Issues.'  Frontiers in Public Health , vol. 9, 2021,  www.frontiersin.org/articles/10.3389/fpubh.2021.674194/full .

5. Sun, Lin, et al. 'The Vicious Impact of COVID-19 on Mental Health: An Exploratory Review During the Pandemic.'  Journal of European Psychology Students , vol. 12, no. 2, 2021,  www.jeps.efpsa.org/articles/10.5334/jeps.gh/ .

What specific retirement benefits does Lumen Technologies, Inc. offer to employees who have dedicated many years of service to the company? In what ways do these benefits reflect Lumen's commitment to taking care of its employees post-retirement, and how do they align with the company's overall values regarding employee welfare and support?

Retirement Benefits: Lumen Technologies offers its employees retirement benefits that include 401(k) plans and pension options, reflecting its commitment to post-retirement welfare. These benefits are aligned with Lumen’s values of providing security and care for its employees after years of dedicated service. They are designed to ensure long-term financial stability for retirees, aligning with Lumen's mission of enhancing employee well-being​(Lumen Technologies Inc_…).

As an employee of Lumen Technologies, Inc., how can you effectively plan for your retirement to maximize your benefits? What factors should you consider, and what resources does Lumen provide to help employees navigate the complexities of retirement planning to ensure a secure financial future?

Retirement Planning: As an employee of Lumen Technologies, you should consider factors like years of service, retirement plan contributions, and projected retirement age to maximize your benefits. Lumen provides resources such as retirement calculators and financial planning tools to help employees navigate these complexities and secure their financial future post-retirement​(Lumen Technologies Inc_…).

How do Lumen Technologies, Inc.'s retirement plans compare with the industry standards? In which areas can Lumen improve its offerings to remain competitive and retain top talent while ensuring the financial security of its employees in their retirement years?

Comparison with Industry Standards: Lumen’s retirement plans are competitive within the industry, but improvements could be made in areas such as enhanced pension offerings or matching contributions in the 401(k) plans to attract and retain top talent. This would ensure financial security for employees in their retirement years while keeping Lumen competitive in the market​(Lumen Technologies Inc_…).

Can you explain the role of the HRCC (Human Resources and Compensation Committee) at Lumen Technologies, Inc. in overseeing employee retirement plans? What measures does this committee take to ensure that retirement benefits remain aligned with the organization’s goals and employee expectations?

HRCC Role in Retirement Plans: The Human Resources and Compensation Committee (HRCC) at Lumen oversees retirement benefits to ensure they align with the company’s goals and employee expectations. The committee reviews and updates the plans regularly, ensuring they remain relevant and meet both the company’s financial objectives and the needs of its employees​(Lumen Technologies Inc_…).

What changes to federal regulations or IRS limits in 2024 could potentially impact Lumen Technologies, Inc.'s retirement plans? How should employees prepare for these potential changes to ensure they are fully utilizing their benefits?

Federal Regulation Changes in 2024: Changes to IRS limits or federal regulations, such as adjustments to contribution caps or tax deductions, could impact Lumen’s retirement plans. Employees should stay informed about these changes to fully utilize their benefits, and Lumen’s HR team provides updates and resources to assist in navigating these regulatory adjustments​(Lumen Technologies Inc_…).

How does Lumen Technologies, Inc. ensure that all employees are aware of their retirement options? What communication strategies does the company employ to make sure employees understand the specifics of their retirement benefits and the necessary steps for enrollment or participation?

Employee Awareness of Retirement Options: Lumen employs a variety of communication strategies, including workshops, online resources, and HR consultations, to ensure that employees are aware of their retirement options. Regular updates and easy access to information help employees understand the steps needed for enrollment or participation​(Lumen Technologies Inc_…).

In the event of unforeseen circumstances, such as death or disability, how does Lumen Technologies, Inc. protect the retirement benefits of its employees and their families? What provisions are specifically designed to support employees and their loved ones during these challenging times?

Protection of Retirement Benefits: In cases of death or disability, Lumen has provisions to protect retirement benefits for employees and their families. Survivor benefits and disability accommodations are designed to provide continued financial security for employees and their loved ones during challenging times​(Lumen Technologies Inc_…).

For employees nearing retirement at Lumen Technologies, Inc., what strategies should they adopt to ensure they transition smoothly out of the workforce? What resources or programs does Lumen offer to assist employees during this significant life change?

Transitioning to Retirement: Employees nearing retirement at Lumen can benefit from financial planning tools and transition programs offered by the company. These resources help ensure a smooth exit from the workforce and provide the necessary support for this significant life change​(Lumen Technologies Inc_…).

How is Lumen Technologies, Inc. addressing the challenges of an aging workforce regarding retirement readiness? What initiatives or programs are in place to help older employees prepare for retirement and to facilitate knowledge transfer to younger employees?

Addressing an Aging Workforce: Lumen is addressing retirement readiness through programs that help older employees prepare for their transition into retirement. These initiatives include financial education, retirement planning resources, and mentorship programs to facilitate knowledge transfer to younger employees​(Lumen Technologies Inc_…).

For employees who wish to learn more about the retirement benefits and planning processes offered by Lumen Technologies, Inc., what contact methods are available? How can employees reach out to the appropriate department for detailed inquiries and assistance regarding their retirement options?

Contact Methods for Retirement Inquiries: Employees wishing to learn more about Lumen’s retirement benefits can reach out to the HR department via phone, email, or the company’s internal benefits portal. Lumen’s HR team provides detailed assistance regarding retirement options and planning​(Lumen Technologies Inc_…).

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Lumen Technologies offers both a traditional defined benefit pension plan and a defined contribution 401(k) plan. The defined benefit plan provides retirement income based on years of service and final average pay. The 401(k) plan features company matching contributions and various investment options, including target-date funds and mutual funds. Lumen provides financial planning resources and tools to help employees manage their retirement savings.
Restructuring and Layoffs: Lumen Technologies is implementing a restructuring plan that includes laying off approximately 2,500 employees to reduce costs and improve operational efficiency (Source: Wall Street Journal). Strategic Focus: The company is shifting its focus towards higher-margin services like cloud computing and cybersecurity. Financial Performance: Lumen reported a 4% increase in net income for Q2 2023, reflecting the success of its strategic initiatives (Source: Lumen).
Lumen Technologies grants RSUs that vest over time, converting into shares upon vesting. Stock options are also available, allowing employees to purchase shares at a fixed price.
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For more information you can reach the plan administrator for Lumen at 2500 w utopia rd Phoenix, AZ 85027-4129; or by calling them at 623-582-7000.

https://www.lumen.com/documents/pension-plan-2022.pdf - Page 5, https://www.lumen.com/documents/pension-plan-2023.pdf - Page 12, https://www.lumen.com/documents/pension-plan-2024.pdf - Page 15, https://www.lumen.com/documents/401k-plan-2022.pdf - Page 8, https://www.lumen.com/documents/401k-plan-2023.pdf - Page 22, https://www.lumen.com/documents/401k-plan-2024.pdf - Page 28, https://www.lumen.com/documents/rsu-plan-2022.pdf - Page 20, https://www.lumen.com/documents/rsu-plan-2023.pdf - Page 14, https://www.lumen.com/documents/rsu-plan-2024.pdf - Page 17, https://www.lumen.com/documents/healthcare-plan-2022.pdf - Page 23

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