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

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Discover the Top 8 California Cities Perfect for Kontoor Brands Employees to Embrace Retirement Bliss

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Healthcare Provider Update: Healthcare Provider for Kontoor Brands: Kontoor Brands does not publicly list a specific healthcare provider as it may depend on various factors including the employees' locations and specific plan options. However, companies of this size typically partner with major national insurance providers such as Aetna, Blue Cross Blue Shield, Cigna, or UnitedHealthcare, which offer a range of employer-sponsored health plans. Potential Healthcare Cost Increases in 2026: As Kontoor Brands navigates the healthcare landscape, it faces potential healthcare cost increases projected at 8.5% in 2026. This surge is attributed to several factors, including rising medical expenses, heightened claims activity, and shifts in cost-sharing strategies being implemented by employers. Furthermore, the impending expiration of enhanced ACA premium subsidies could exacerbate costs for many employees, leading to a significant 75% increase in out-of-pocket premiums for those reliant on marketplace insurance. This scenario highlights the urgent need for companies to reevaluate their health benefits strategies in preparation for the financial implications of these rising costs. Click here to learn more

California's diverse landscape, encompassing mountains, beaches, deserts, palm trees, national parks, and consistently sunny weather, has become a significant draw for Kontoor Brands retirees across the United States. The state's natural beauty and lifestyle options are a major attraction, despite the relatively high cost of living and housing expenses, especially in coastal areas. While California is known for its less favorable tax environment for Kontoor Brands retirees, many have strategically planned their finances to make the most of what the state has to offer.

To assist in Kontoor Brands retirement planning, we have compiled a comprehensive list of the best places to retire in California. This list, crafted with the expertise of local real estate professionals, balances various factors such as cost, environment, location, lifestyle, services, and healthcare.

1. Greater Palm Springs : Spanning nine cities, the Coachella Valley offers a variety of options for Kontoor Brands retirees, including numerous over-55 communities and new developments like Cotino in Rancho Mirage. The median price for a standard home here is around $580,000, with luxury homes in top country clubs averaging about $3.8 million. Palm Springs International Airport provides connectivity, and the cost of living is approximately 31% above the national average. The area also boasts excellent healthcare facilities.

2. Oxnard : This Ventura County city, located near Los Angeles, features beaches, farms, and historic sites. It's the gateway to the Channel Islands National Park and offers a rich cultural scene. The cost of living is about 54% above the national average, but affordable housing options are available, with entry-level homes starting between $350,000 to $600,000.

3. Paso Robles : Situated midway between Los Angeles and San Francisco, this region is known for its wineries, lakes, and hot springs. The median home price was $715,000 as of October 2023. It offers a blend of cultural richness and scenic beauty, with various community options for Kontoor Brands retirees, including new and affordable housing projects.

4. Torrance : Close to Los Angeles, Torrance is known for its health-focused lifestyle, beaches, and hiking trails. It was ranked among the best cities for retirees in America and one of the healthiest places to live. The median home price is around $1.1 million.

5. Lakeport : In Lake County, known for its excellent air quality and being one of the most affordable places in California, Lakeport offers outdoor activities and community events. The median home price is $339,000, with living costs and healthcare close to national averages.

6. Carmel-by-the-Sea : A picturesque town in Monterey County, it tops the list of best places to retire in California for 2023. The cost of living is 52% above the national average, with a median home price of $2.3 million. It offers a mix of cultural and outdoor activities.

7. Bakersfield : Known for its warm climate and outdoor activities, Bakersfield's cost of living is slightly below the national average. It's recognized for its dry summers, mild winters, and fresh local produce. The median home price is $439,000.

8. Carlsbad : In North San Diego County, Carlsbad is known for its beaches, cultural activities, and small-town atmosphere. While the cost of living is 55% above the national average, the area is appreciated for its natural beauty and healthcare facilities. The median home price is $978,500.

Each of these locations offers unique benefits and challenges, and the choice largely depends on personal preferences and financial considerations. These destinations reflect California's diverse offerings, from luxury options to more affordable, yet still enriching, retirement lifestyles.

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In addition to the picturesque locations and lifestyle amenities, many of these top Kontoor Brands retirement destinations in California offer robust senior community programs that focus on lifelong learning and enrichment. For instance, places like Carmel-by-the-Sea and Pasadena are home to institutions like community colleges and cultural centers that offer a variety of courses and workshops tailored for retirees. These programs often cover topics from local history to technology, appealing to the intellectually curious and socially active retiree. Engaging in such community-based educational programs not only enhances mental stimulation but also provides opportunities for social interaction, a key aspect of a fulfilling retirement. This aspect is particularly appealing to the target demographic of accomplished professionals and retirees who value continued learning and community engagement. (Source: AARP, 'Lifelong Learning Opportunities in Retirement Communities,' published in 2022).

Discover the best places to retire in California, a guide for those seeking a fulfilling and luxurious retirement lifestyle. Explore our expertly curated list of top retirement destinations, including Palm Springs, Oxnard, Paso Robles, Torrance, Lakeport, Carmel-by-the-Sea, Bakersfield, and Carlsbad. Each location offers unique benefits, from serene coastal living to vibrant cultural scenes, ensuring a rich and diverse Kontoor Brands retirement experience. Learn about the cost of living, healthcare facilities, and real estate options in these sought-after Californian locales. Ideal for discerning retirees who prioritize quality of life, natural beauty, and a range of activities in their golden years.

Choosing the perfect retirement spot in California is like selecting a fine wine from a prestigious vineyard. Just as a connoisseur appreciates the unique notes and qualities of a vintage, tailored to their palate, retirees can select from California's diverse locales, each offering distinct lifestyles and amenities. Palm Springs, with its vibrant outdoor culture, is akin to a bold Cabernet Sauvignon, full of flavor and depth. Oxnard's coastal serenity resembles a crisp Chardonnay, offering a refreshing and tranquil experience. The historical richness of Paso Robles mirrors a complex Merlot, while the bustling, health-focused lifestyle of Torrance is like a rejuvenating sparkling wine. Lakeport's affordability and natural beauty are comparable to a hidden gem of a Pinot Noir, offering quality without pretense. Carmel-by-the-Sea's artistic charm is akin to a sophisticated Bordeaux blend, rich and layered. Bakersfield, practical and sunny, is like a reliable Zinfandel, while Carlsbad's luxurious coastal living is reminiscent of a top-shelf Champagne. Just as each wine appeals to different tastes, these Californian destinations cater to various retirement dreams, ensuring a fulfilling and enriched golden era.

 

What type of retirement savings plan does Kontoor Brands offer to its employees?

Kontoor Brands offers a 401(k) retirement savings plan to help employees save for their future.

How can employees of Kontoor Brands enroll in the 401(k) plan?

Employees can enroll in the Kontoor Brands 401(k) plan by accessing the enrollment portal through the company’s HR website or by contacting the HR department for assistance.

Does Kontoor Brands match employee contributions to the 401(k) plan?

Yes, Kontoor Brands provides a matching contribution to employee contributions, helping to enhance retirement savings.

What is the vesting schedule for the 401(k) match at Kontoor Brands?

The vesting schedule for the Kontoor Brands 401(k) match typically follows a standard schedule, which employees can review in the plan documents provided by the HR department.

Can employees of Kontoor Brands change their contribution percentage to the 401(k) plan?

Yes, employees can change their contribution percentage to the Kontoor Brands 401(k) plan at any time, subject to plan rules.

What investment options are available in the Kontoor Brands 401(k) plan?

The Kontoor Brands 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Is there a loan option available through the Kontoor Brands 401(k) plan?

Yes, Kontoor Brands allows employees to take loans against their 401(k) balance, subject to certain terms and conditions.

How can employees access their 401(k) account information at Kontoor Brands?

Employees can access their 401(k) account information through the plan’s online portal or by contacting the plan administrator.

What happens to the 401(k) plan if an employee leaves Kontoor Brands?

If an employee leaves Kontoor Brands, they have several options for their 401(k) balance, including rolling it over to another retirement account or leaving it in the Kontoor Brands plan if eligible.

Are there any fees associated with the Kontoor Brands 401(k) plan?

Yes, there may be fees associated with the Kontoor Brands 401(k) plan, which are disclosed in the plan documents and can vary based on investment choices.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
For Kontoor Brands, the company offers a 401(k) Savings Plan as part of its employee retirement benefits. In 2022 and 2023, the plan was structured to allow employees to make elective deferrals from their salaries, which are matched by the company under a safe harbor provision. Employees can also participate in hardship withdrawals and loans from their 401(k) accounts, subject to IRS rules. Participants may access their accounts at retirement, disability, death, or termination of employment. Vesting is immediate for all employee contributions and the company's matching contributions​ (Kontoor Brands, Inc.)​ (Kontoor Brands, Inc.). The company's pension-related benefits have changed over time, with a move away from traditional defined benefit plans to more flexible, employee-directed investment plans such as the 401(k). Kontoor Brands reported pension assets in their financial statements, noting a median total pension plan asset of $9.25 million from fiscal years ending 2019 through 2023​ (finbox). Although specific defined benefit pension plans were not emphasized in recent years, restructuring efforts resulted in gains from pension curtailments during fiscal events such as in 2022​
News: In 2023, Kontoor Brands initiated workforce reductions as part of its global restructuring efforts. The company announced layoffs across several regions, including the U.S. and Europe, to streamline its operations under the "Project Jeanius Global Transformation" initiative. This restructuring also included the relocation of Kontoor's European headquarters, resulting in severance payments and other employee-related costs, while attempting to globalize its operating model​ (Business Wire)​ (Kontoor Brands, Inc.)​ (Kontoor Brands, Inc.). Additionally, Kontoor overhauled its 401(k) plan by updating its investment options lineup, providing employees with better financial planning resources for retirement​ (Business Wire).
Stock Options: Kontoor Brands provides eligible employees with stock options, allowing them to purchase shares at a predetermined exercise price. The vesting schedules for stock options at Kontoor Brands typically span over three to four years. As of 2022 and continuing into 2023 and 2024, these stock options were available to mid-to-senior-level employees, primarily in management roles​ (Kontoor Brands, Inc.). RSUs: Kontoor Brands also grants RSUs, which vest over a set period, typically three years. RSUs do not require employees to purchase shares, but rather, once vested, they convert into actual shares of Kontoor Brands stock. This feature ensures that employees benefit directly from the company's stock price performance. The availability of RSUs in 2022, 2023, and 2024 extended to a broader group of employees, including executives and high-performing individuals within various business units
Kontoor Brands, a global lifestyle apparel company, provides a comprehensive health and wellness program to support its employees' physical and financial well-being. Their benefits include competitive healthcare plans designed to offer flexibility, security, and choice to meet the needs of employees and their families. Key health benefits include medical, dental, and vision coverage, along with access to wellness programs like an onsite gym, company cafeteria, and a community garden​ (Kontoor Brands, Inc.)​ (Kontoor Brands, Inc.)​ (Kontoor Brands, Inc.). Employee health is further supported by Employee Resource Groups (ERGs) and affinity networks, which focus on fostering diversity, inclusion, and a sense of community. Additionally, Kontoor offers paid time off for volunteering, promoting community engagement through activities like planting pollinator gardens and installing denim insulation in homes​
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For more information you can reach the plan administrator for Kontoor Brands at , ; or by calling them at .

https://www.kontoorbrands.com/investors/financial-info/sec-filings/content/0001760965-24-000037/ktb202311-k.htm https://finbox.com/NYSE:KTB/explorer/pension_assets/ https://www.kontoorbrands.com/ https://www.kontoorbrands.com/news-media/press-release/136/kontoor-brands-reports-third-quarter-2022-results-updates https://www.businesswire.com/news/home/20240801389189/en/Kontoor-Brands-Reports-2024-Second-Quarter-Results-Raises-Full-Year-Outlook https://www.kontoorbrands.com/investors https://www.kontoorbrands.com/ https://www.kontoorbrands.com/about https://stockanalysis.com/stocks/ktb/employees/ https://www.kontoorbrands.com/investors/news-events/press-releases/detail/174/kontoor-brands-reports-2023-fourth-quarter-and-full-year https://intellizence.com/insights/layoff-downsizing/leading-companies-announcing-layoffs-and-hiring-freezes/ https://www.kontoorbrands.com/careers/benefits https://www.kontoorbrands.com/careers/benefits

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