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
The idea of blending generations in the workplace and the pursuit of 'encore careers' provide a significant change in our understanding of the length and importance of our professional life in the work and career dynamics of today. Author and businessman Marc Freedman speaks eloquently about these subjects, highlighting the many advantages of working past conventional retirement age and the ways in which Moog professionals can reinvent themselves through fulfilling second careers.
The conversation between Christine Benz and Amy Arnott of Morningstar and Freedman reveals a thorough grasp of the social and individual ramifications of working later in life. Freedman, who managed a home with kids after surpassing the conventional retirement age, highlights the significant emotional and social advantages of long-term employment in addition to its financial necessity. He brings up a study conducted ten years ago that found retirees frequently miss the fruitful interactions and teamwork that come with working toward worthwhile objectives. This realization supports Freud's claim that the two most important aspects of being human are love and work, which provide us with a purpose to get out of bed in the morning and the thread that binds our social networks together.
The desire to prolong working life for Moog employees, however, is confronted with real obstacles, such as societal and infrastructure impediments that impede people's ability to smoothly enter this new stage of life. Freedman draws attention to the disparity that exists between the desire and reality of working longer hours. He emphasizes the necessity for additional supportive systems that facilitate older workers' entry and exit from the labor.
Innovative attempts to easing these transitions are exemplified by encouraging developments, like higher education programs tailored for individuals in their later years. Programs like the Encore Fellowship at Harvard and the Advanced Leadership Initiative provide a means for seasoned professionals to reevaluate their purpose, acquire fresh perspectives, and get ready for meaningful encore careers. Though specifically designed to meet the needs and goals of Moog individuals seeking to reinvent their later years, these programs are a reflection of the transitional support networks that have historically been accessible to young adults.
Maintaining a job at Moog well into old age has several advantages, including social interaction, financial security, and a strong feeling of purpose. Surgeon General Vivek Murthy's focus on the scourge of loneliness is addressed by research, which also highlights the fundamental connection between meaningful living and health. This research includes insights from the Blue Zones series. The workplace becomes a vital setting for building relationships and satisfying the human need for purposeful work, as Marge Piercy so eloquently puts it: 'The pitcher cries for water to carry and a person for work that is real.'
Prominent individuals such as Jimmy Carter, whose humanitarian endeavors after leaving the presidency exemplify the possibility of meaningful work later in life, serve as inspiration for Freedman's concept of the encore career. These professions frequently represent an evolution rather than a radical break from earlier work, building upon the knowledge, expertise, and interests cultivated throughout a lifetime. Gary Maxworthy is a prime example; driven by both a personal loss and a lifetime of experience in food distribution, he created the Farm to Family program, which greatly increased the caliber and amount of food that food banks could provide.
This story not only describes the 5 million Americans who are now pursuing encore careers, but it also suggests that society could utilize the talents of an additional 21 million people who make this shift a priority. These professionals' combined experience and knowledge constitute a powerful resource that, with proper mobilization, may have a significant positive impact on society.
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!
To sum up, the trend toward longer working lifespans and the desire for encore careers represents a more expansive vision for our career and personal paths. It promotes a social reassessment of the potential contributions of elder generations, highlighting the significance of establishing pathways for ongoing development, fulfillment, and contribution. We can change the way people think about work and retirement by implementing creative programs and providing strategic assistance. This will help to create a future in which Moog employees and the rest of the work force has the chance to pursue work that is both financially and personally fulfilling.
When considering career options after retirement from Moog, it's important to keep in mind that, according to a 2022 report from the Bureau of Labor Statistics, people 65 and older are expected to join the workforce at a rate that will increase faster than that of any other age group through 2030. This pattern highlights a change toward career participation in later life, indicating seniors' need and desire to continue being involved in the workforce. These figures demonstrate how retirement is changing, indicating that it is no more a definite conclusion to employment but rather a stage of transition for many people.
See retirement as the beginning of an exciting new chapter in a big, ongoing tale, rather than the end of a book. Retirement provides a rich environment for growth, change, and the cultivation of new endeavors for the modern professional, much like an experienced gardener doesn't just hang up their tools at the end of the season but instead starts planning for the next bloom. This can be viewed as a chance to gather the wealth of knowledge and experience accumulated over a lifetime and plant the seeds for a second career that will be personally fulfilling and contribute positively to society. Those entering this stage can combine their in-depth knowledge with novel endeavors, much like a gardener who understands that the best crops are produced through a combination of old and new ways. This will ensure that their legacy endures and influences future generations.
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)