/General/General%2012.png?width=1280&height=853&name=General%2012.png)
Healthcare Provider Update: Healthcare Provider for Moog Moog Inc. typically provides health benefits through various healthcare providers, including large national insurers such as Aetna, UnitedHealthcare, and Blue Cross Blue Shield. The specific provider may vary by location and plan options available to employees. Healthcare Cost Increases in 2026 for Moog Employees In 2026, Moog employees are likely to face significantly higher healthcare costs, primarily driven by anticipated premium hikes in the ACA marketplace, which could reach up to 66% in some states. As employers like Moog adjust their benefit structures in response to rising medical costs, employees may see changes in deductibles and out-of-pocket expenses. With nearly 51% of large employers expected to shift more costs onto workers, understanding these changes and preparing for increased healthcare expenses will be essential for Moog employees navigating their health coverage options. Click here to learn more
Estate planning is a complex process that need for considerable thought and preparation, particularly in light of changing tax and regulatory requirements. The estate planning landscape is dynamic; by the end of 2025, the regulations in place now are expected to have undergone major changes. Estate plans must be reviewed in light of this impending change to make sure they are still appropriate and in line with Moog individuals needs and objectives.
The conversation that follows tackles the most common questions by Moog individuals and others about estate planning, based on knowledge from Fidelity's Advanced Planning Team, which consists of professionals including Terri Lyders, Mike Christy, Sander Bleustein, and Lisa Pro. Their combined knowledge simplifies complicated estate planning issues and provides direction and clarity for handling this important procedure.
One of the main worries is what happens if gifts are made below the exemption barrier, which as of 2024 is $13.61 million per person, and if this exemption is reduced after 2025. The regulations issued by the Treasury Department in November 2019 guarantee that those who use the higher exemption amounts for gifts given between 2018 and 2025 won't suffer negative consequences when the exemption goes back to what it was before 2018. With this clause, there is no more concern about a 'clawback' on contributions that surpass future exemption limits, which encourages thoughtful giving without fear of future tax consequences. Furthermore, Moog individuals can give gifts to numerous recipients totaling up to $18,000 per year without exceeding their lifetime exemption cap.
The federal estate tax is applicable to all assets left to heirs, regardless of the kind of asset or account in which it is held. However, depending on the kind of account, the asset transfer process can differ greatly. Retirement accounts, like 401(k)s and IRAs, for example, have unique tax implications and transferability restrictions. Typically, gifting methods concentrate on transferring taxable assets, such as real estate or brokerage accounts, in order to maximize tax efficiency and reduce the income tax liability of the recipient. While strategies like Roth conversions can be especially advantageous, careful planning is necessary from Moog individuals to ensure that they are in line with the overall goals of the estate.
For individuals leaving real estate or business holdings as bequests, the possible adjustments to inheritance tax limits may cause anxiety. The decedent's estate is responsible for paying estate taxes; the beneficiaries' intended use of the inherited assets has no bearing on these duties. Beneficiaries may be required to pay inheritance taxes in areas where they apply. The likelihood of a lower estate tax exemption threshold in 2026 emphasizes how crucial liquidity planning is for paying taxes and preventing the forced sale of inherited property.
Because the death benefit of a life insurance policy is included in the decedent's gross estate, life insurance is essential to estate planning. Nonetheless, irrevocable trust-owned life insurance policies are not included in the estate, providing a way to reduce the estate tax obligation. The ability to fund life insurance premiums through trust beneficiaries is made possible by the flexibility of yearly exclusion gifts, which facilitates tax optimization and strategic estate planning.
Because laws and each Moog individual circumstances change often, it is necessary to examine one's estate plan on a frequent basis. Every three to five years is the suggested period, though it may be sooner if there are significant life events. Updates to an estate plan may be necessary due to changes in legal regulations, family composition, net worth, or place of residence. For arranging an estate and being ready for legal consultations, tools such as the online Estate Planner® from Fidelity are a great resource.
In conclusion, managing the intricacies of estate planning necessitates being proactive and keeping up with the changing legal environment. Moog individuals may efficiently manage their estate planning efforts, guaranteeing their legacy is preserved and their successors are well-protected, by addressing important questions and taking strategic planning alternatives into consideration.
Featured Video
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
Apart from the essential estate planning factors mentioned, it's crucial to acknowledge the influence of digital assets on estate planning. According to an AARP analysis from 2021, digital assets—such as social media profiles, online banking, and cryptocurrency—are becoming more and more important parts of contemporary estates. However, in conventional estate planning, these resources are frequently disregarded. Estate plans must contain specific procedures to guarantee that these assets are accounted for and handled in accordance with the beneficiaries' preferences. This emphasizes how important it is to include digital asset management in estate planning conversations in order to guarantee a thorough strategy for asset distribution and legacy preservation.
Getting around estate preparation is like getting ready for a long trip on a luxury ship. Estate planning requires careful attention to detail and foresight, just as you would meticulously plan your travel itinerary, choosing the right destinations (gift exemptions and estate taxes), making sure your luggage is appropriately tagged and organized for each leg of the trip (strategizing asset transfers and managing digital assets), and arranging for the most comfortable and efficient mode of transportation (using Roth conversions and comprehending life insurance implications). The changes that are coming in 2025 are like shifting tides, forcing everyone on board to review their navigational aids. Consulting with estate planning professionals guarantees that your legacy journey is fulfilling and in line with your ultimate goal, just as an experienced traveler seeks advice from a captain or cruise director to maximize their experience.
How does the transition from the Moog Pension Plan to the RSP(+) Program affect my retirement savings strategy, and what steps should I take to optimize my contributions in light of the changes Moog has implemented to its retirement programs?
Transition from Pension Plan to RSP(+): The transition from the Moog Pension Plan to the RSP(+) Program offers greater flexibility and portability, as the RSP(+) includes both a retirement contribution and a matching contribution. To optimize your contributions, aim for the maximum percentage of your eligible compensation to take full advantage of Moog's increasing match, which phases up to 10% by October 2021. Evaluate your long-term goals and consult a financial advisor for personalized advice.
In what scenarios would remaining in the Current Retirement Program offered by Moog provide a greater benefit compared to the new RSP(+) program, and what factors should I consider when assessing my long-term retirement goals in relation to these two options?
Benefits of Staying in the Current Program: Remaining in the Current Retirement Program may provide greater benefits for long-term employees close to retirement. The Moog Pension Plan offers a defined benefit that provides predictable, stable income, which can be beneficial if you're near retirement age or value a guaranteed income. Weigh the security of the pension against the flexibility and growth potential of the RSP(+) based on your retirement goals.
With the Moog Pension Plan being "frozen" as of December 31, 2019, how does this affect my accrued benefits, and what are the implications for my retirement planning as I approach retirement age and consider other income sources?
Frozen Moog Pension Plan Impact: Since the Moog Pension Plan was frozen on December 31, 2019, your accrued benefits will not grow, but you retain the value you’ve earned. This fixed benefit, payable as an annuity, can still play a role in your overall retirement strategy. As you approach retirement, plan for other income sources, like Social Security or RSP withdrawals, to supplement your frozen pension benefit.
What are the specific vesting timelines for the different retirement options available through Moog, and how do these timelines impact my ability to access benefits if I decide to leave the company before reaching retirement age?
Vesting Timelines: The Moog Pension Plan vests after five years of service, while the RSP(+) retirement contribution vests after three years. The RSP(+) matching contributions are immediately vested for current employees, but newly hired employees face a three-year vesting schedule. If you leave Moog before vesting, you risk losing unvested contributions, so factor in your tenure when planning your exit.
Can you explain the various payment options available when I decide to withdraw from the Moog Pension Plan or RSP(+) account, specifically discussing the benefits and drawbacks of lump-sum distributions versus annuity options offered by Moog?
Payment Options: For both the Pension Plan and RSP(+) Program, Moog offers various withdrawal options. Pension benefits are generally paid as a monthly annuity, whereas the RSP(+) offers lump sum, installments, or partial withdrawals. A lump sum offers flexibility but shifts the investment risk to you, while an annuity provides stable, lifelong payments but limits liquidity.
What investment decisions do employees have the power to make regarding their contributions to the RSP and RSP(+) at Moog, and how might these decisions impact the overall performance of my individual retirement accounts as I prepare for retirement?
Investment Decisions in the RSP(+): Employees control investment decisions within the RSP(+) Program. Moog’s initial contributions are invested in Moog Class B Stock Fund-Restricted, but you can reallocate to other funds. Your choices significantly impact the growth of your retirement savings, so regularly review your investment strategy to ensure it aligns with your retirement timeline and risk tolerance.
How does Moog ensure the security of my retirement benefits under the Pension Plan, and what protections are in place in the event of financial difficulties faced by the company, including the role of the Pension Benefit Guaranty Corporation (PBGC)?
Security of Retirement Benefits: Moog’s pension benefits are backed by the Pension Benefit Guaranty Corporation (PBGC), providing a safety net in case of company financial difficulties. However, the RSP(+) accounts are not PBGC-insured, and the value depends on investment performance. Your pension is protected, but careful management of your RSP investments is crucial.
In the event of my death before receiving retirement benefits, what provisions does Moog have in place for disbursing my accrued benefits to my beneficiaries, and how does marital status affect these benefits under the Moog Pension Plan and RSP?
Death Benefits: If you pass away before receiving your Pension Plan benefits and are married, your spouse receives a monthly lifetime benefit. For the RSP(+) Program, your designated beneficiary will receive your account balance as a lump sum. Spousal consent is required if you wish to name a non-spousal beneficiary. Marital status directly impacts the distribution of your retirement benefits.
How can I maximize the company match contributions offered in the RSP and RSP(+) plans, and what specific contribution levels should I aim for to ensure that I am fully leveraging the benefits provided by Moog?
Maximizing Company Match: To maximize Moog’s matching contributions, contribute at least 6% of your eligible compensation initially, increasing to 8% in 2020 and 10% in 2021 to receive the full match. By reaching these thresholds, you leverage the full benefits of Moog's matching, boosting your retirement savings potential.
If I have further questions or need more information on my retirement options, how can I contact Moog's HR Employee Support team for assistance, and what resources are available to help me navigate the transition between retirement plans effectively? These questions are designed to encourage deeper exploration of individual retirement situations and the specific policies within the company’s retirement programs.
Contacting Moog HR for Further Information: For more questions or additional guidance, you can contact Moog's HR Employee Support team via email at employeesupport@moog.com or by calling 844-367-5787. Empower Retirement’s Call Center is also available for technical questions regarding the RSP(+) Program. These resources ensure you have the support needed during your retirement transition(Moog_Choice_Guide_Retir…).
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)