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

Why Devon Energy Employees Are Rethinking Retirement: Discover the New Trends Shaping Your Future

Healthcare Provider Update: Healthcare Provider for Devon Energy: Devon Energy Corporation partners with Aetna as its healthcare provider. Aetna offers a range of health plans and services to support the wellness needs of Devon Energy employees and their families. Potential Healthcare Cost Increases in 2026: As healthcare costs continue to rise, Devon Energy could see significant increases in employee healthcare expenses in 2026, attributed in part to anticipated premium hikes associated with the Affordable Care Act (ACA). With some states preparing for rate increases of up to 66% and the expiration of enhanced federal premium subsidies, employees may face out-of-pocket premium escalations of over 75%. The confluence of rising medical costs and changes in healthcare policy may necessitate adjustments in how both employers and employees plan for their health coverage, prompting a careful re-evaluation of benefit strategies in the coming year. Click here to learn more

In an era marked by economic fluctuations, including ongoing inflation and high interest rates, the traditional concept of retirement is undergoing a significant transformation. This shift is not just financial; it's also about the search for purpose and fulfillment beyond one's career.

Understanding the Current Devon Energy Retirement Landscape

Recent studies, including a survey conducted by F&G, highlight this changing landscape. The survey, conducted online by Directions Research between June 7 and June 16, 2023, involved 2,015 U.S. adults, specifically targeting those aged 50 and above, who are primary financial decision-makers with over $100,000 in savings or financial products. It revealed that 50% of both pre-retired and retired Devon Energy individuals are reconsidering their retirement plans due to economic pressures.

Financial concerns are paramount, with 52% of pre-retirees worried about having insufficient funds for retirement and 42% of retirees concerned about the impact of inflation on their savings. However, these financial worries only form part of the story.

Beyond Finances: The Search for Meaning

Contrary to the old paradigm, many Devon Energy individuals are not just returning to work due to financial necessity. A significant portion, about 50%, of all retirees consider 'unretiring' because they miss the intellectual stimulation and sense of purpose provided by their careers. This trend resonates with my personal experience. Despite achieving financial freedom, the absence of professional challenges and team camaraderie led me to rejoin the workforce, reflecting a sentiment shared by many others in similar situations.

Envisioning a New Devon Energy Retirement

The concept of 'hybrid retirement' is emerging, mirroring the shift in work patterns like hybrid work. This new retirement model implies a blend of leisure and continued professional engagement, shaped by individual goals and passions. It's a departure from the abrupt transition from work to complete retirement.

Planning for a Fulfilling Devon Energy Retirement

Effective retirement planning should encompass both financial and life goal planning. It involves envisioning daily life post-retirement and aligning it with personal aspirations, whether that be travel, family time, or volunteer work. Crucially, this planning should involve discussions with partners to ensure shared visions and avoid disappointments.

The Role of Financial Advisors

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In preparing for Devon Energy retirement, engaging with financial advisors is crucial. Surprisingly, the F&G survey found that 50% of the target group do not currently work with a financial advisor, missing out on expert guidance. Advisors not only assist with financial planning but also act as life coaches, helping clients align their retirement plans with their broader life goals.

Diverse Retirement Goals Across Generations

Retirement goals vary across generations. For instance, Baby Boomers primarily delay retirement for the intellectual engagement it offers, while Gen Xers are equally concerned about financial security and inflation. This diversity underscores the need for personalized retirement planning.

Conclusion: Building a Future-Proof Devon Energy Retirement Plan

The evolving landscape of retirement necessitates a comprehensive approach that encompasses financial security and personal fulfillment. By understanding individual concerns and aspirations, and engaging with professional advice, individuals can transition into retirement confidently, achieving both financial stability and a sense of purpose.

One relevant factor for Devon Energy retirees considering re-entering the workforce is the opportunity to engage in 'encore careers.' These are positions that allow individuals to explore passions or interests that they may not have pursued earlier in their careers. For many at age 60, this shift represents a chance to align work with personal values or social causes. According to a study by the Encore Career Institute, published in 2022, approximately 25% of retirees expressed interest in pursuing work in areas that contribute to the greater good, reflecting a desire for meaningful post-retirement engagement that extends beyond financial incentives. This trend underscores a shift towards value-driven work in later life stages.

Explore the evolving landscape of Devon Energy retirement in our insightful article. Uncover the latest trends affecting Devon Energy professionals and retirees, including the impact of inflation and shifting financial landscapes on retirement planning. Delve into the reasons behind the increasing trend of 'unretiring,' from seeking intellectual stimulation to finding purpose post-retirement. Learn about effective retirement strategies, the role of financial advisors, and how to achieve a fulfilling retirement. Our expert analysis offers crucial tips for navigating the complexities of retirement in today's economy, ensuring a secure and satisfying post-career life. Ideal for those approaching or in retirement, seeking guidance in this new era.

Navigating retirement in today's economic landscape is akin to setting sail in uncharted waters. Just as a seasoned sailor must adapt to changing tides and winds, retirees and those nearing retirement must adjust their course in response to the fluctuating financial climate, including inflation and shifting interest rates. The decision to 'unretire' is like discovering new, unexplored islands along the journey — it's not just about financial necessity, but also about seeking new adventures and fulfillment. These 'islands' represent opportunities for intellectual stimulation, purpose, and engaging in encore careers aligned with personal values. Just as a sailor finds joy in the voyage itself, retirees are finding that the journey through retirement can be equally rewarding and full of unexpected, fulfilling experiences.

What is the primary purpose of the 401(k) Savings Plan at Devon Energy?

The primary purpose of the 401(k) Savings Plan at Devon Energy is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or after-tax basis.

How can employees at Devon Energy enroll in the 401(k) Savings Plan?

Employees at Devon Energy can enroll in the 401(k) Savings Plan by logging into the employee portal and completing the online enrollment process during the designated enrollment period.

What types of contributions can employees make to the Devon Energy 401(k) Savings Plan?

Employees at Devon Energy can make pre-tax contributions, Roth (after-tax) contributions, and, if eligible, catch-up contributions to the 401(k) Savings Plan.

Does Devon Energy offer any matching contributions to the 401(k) Savings Plan?

Yes, Devon Energy offers a matching contribution to the 401(k) Savings Plan, which is designed to encourage employees to save for retirement.

What is the vesting schedule for employer contributions in the Devon Energy 401(k) Savings Plan?

The vesting schedule for employer contributions in the Devon Energy 401(k) Savings Plan typically follows a graded vesting schedule, meaning employees gradually earn ownership of the company's contributions over time.

Are there any fees associated with the Devon Energy 401(k) Savings Plan?

Yes, there may be administrative fees associated with the Devon Energy 401(k) Savings Plan, which are disclosed in the plan documents provided to employees.

Can employees at Devon Energy take loans against their 401(k) Savings Plan balance?

Yes, employees at Devon Energy may be able to take loans against their 401(k) Savings Plan balance, subject to the plan's terms and conditions.

What investment options are available in the Devon Energy 401(k) Savings Plan?

The Devon Energy 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to diversify their retirement savings.

How often can employees change their contribution amounts to the Devon Energy 401(k) Savings Plan?

Employees at Devon Energy can change their contribution amounts to the 401(k) Savings Plan at any time, subject to the plan's guidelines.

What is the minimum age requirement to participate in the Devon Energy 401(k) Savings Plan?

The minimum age requirement to participate in the Devon Energy 401(k) Savings Plan is typically 21 years old, but employees should refer to the plan documents for specific details.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Devon Energy Pension Plan Devon Energy does not specifically offer a traditional defined benefit pension plan but provides retirement benefits through their 401(k) plan, which includes additional company contributions. The company contributes a percentage of the employee's eligible compensation to their 401(k) account each quarter, regardless of whether the employee contributes. This contribution is designed to supplement the employees' savings, ensuring they have a robust retirement fund. Devon Energy 401(k) Plan The Devon Energy 401(k) Incentive Savings Plan allows employees to contribute 1% to 50% of their eligible pay on a pre-tax basis, Roth after-tax basis, or a combination of both, up to the IRS limits. Employees aged 50 or older can make additional catch-up contributions. Devon Energy matches 100% of the employee contributions up to 6%, based on years of service, making it a significant part of the retirement savings strategy for employees.

Devon Energy announced the layoff of approximately 300 employees, representing around 9% of its workforce, as part of a broader effort to reduce general and administrative costs by $150 million to $200 million by 2024. This restructuring follows a challenging period for the energy sector, despite recent increases in oil prices. The layoffs are part of a strategy to streamline operations, focus on core assets, and enhance the company's financial stability. Additionally, Devon Energy has continued its disciplined cash-return business model, focusing on generating free cash flow and returning capital to shareholders. They have also announced preliminary plans for 2024, including the continuation of their fixed-plus-variable dividend strategy, which has been a key component of their financial approach since their merger with WPX Energy.

Stock Options and RSUs: Devon Energy offers a combination of stock options and RSUs to its employees under the Long-Term Incentive Plan (LTIP). This plan has been in place and was amended as of 2024. Employees eligible for these awards typically include executive officers, directors, and other key employees within the company. The awards are designed to vest over a period, usually tied to continued employment and performance metrics. RSUs (Restricted Stock Units) at Devon Energy are granted as part of the LTIP and typically vest over a multi-year period. The RSUs represent a promise to deliver shares of Devon Energy stock to employees upon meeting specific vesting conditions. For example, RSUs granted in 2022, 2023, and 2024 usually vest after three years, encouraging employees to stay with the company long-term. These RSUs do not require employees to purchase the shares; instead, they are given shares once the units vest.

Devon Energy offers a comprehensive set of health benefits to its employees, focusing on ensuring both physical and mental well-being. For the years 2022, 2023, and 2024, the company's health benefits package includes medical, dental, and vision coverage, all starting from the first day of employment for regular full-time, part-time employees, and interns. Healthcare-Related Terms and Acronyms: PPO (Preferred Provider Organization): Employees can choose between PPO and Premier plans, with differences in deductible amounts and coverage percentages for services like preventive care and major services. UBreathe Program: A tobacco cessation program that helps employees avoid a tobacco surcharge on their medical insurance if they meet specific requirements. VSP (Vision Service Plan): Administers the vision coverage, offering annual exams and allowances for lenses and frames. Recent Employee Healthcare News: Devon Energy has placed significant emphasis on wellness through various programs and facilities. For example, "The Well," a wellness center at their Oklahoma City headquarters, provides access to state-of-the-art fitness equipment, group classes, and wellness resources. The company also offers a near-site primary care clinic, "The Doc," which provides advanced medical care, behavioral health services, and physical therapy. Additionally, Devon Energy's commitment to employee wellness is evident in their support for flexible spending accounts and comprehensive dental and vision coverage options, designed to cater to a wide range of employee needs

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For more information you can reach the plan administrator for Devon Energy at 333 W Sheridan Ave Oklahoma City, OK 73102; or by calling them at (405) 235-3611.

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