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Understanding the Retirement Wave: What the Booming Stock Market Means for First Horizon Employees

Healthcare Provider Update: First Horizon offers health, dental, and vision insurance tailored to individual and family needs. Employees benefit from HSAs, FSAs, disability coverage, and parental leave. The company provides a 401(k) with up to 6% matching, adoption reimbursement, and wellness programs. Additional perks include tuition reimbursement, mentoring, and digital wellness platforms3. First Horizon With ACA premiums projected to rise sharply, First Horizons employer-sponsored plans and financial wellness tools help employees avoid the volatility of marketplace costs. Their matched savings and flexible spending options provide a buffer against rising healthcare expenses. Click here to learn more

A notable trend that is changing the demography of retirees has surfaced in the changing American labor market. It is important for First Horizon employees to stay up to date on these changes as it may impact them. There has been an unanticipated increase in the number of Americans choosing to retire; roughly 2.7 million more people than projected have made this decision. This data illustrates a significant change in the labor market and comes from a model created by an economist at the Federal Reserve Bank of St. Louis. The excess was recorded at 1.5 million just six months earlier, a startling growth of nearly 80% in that time.

There are several factors contributing to this tendency, including an aging population, the attraction of a strong stock market, and the subliminal pressure from laws requiring people to work again in an office setting. Although it used to be uncomfortable with the idea of job losses, Silicon Valley today sees them as a normal part of its daily operations. This is a common change observed in businesses that are expanding as well as those that are going through a downturn.

The ramifications of this retirement wave are extensive, impacting labor market dynamics, corporate strategy, and economic structures. Businesses like First Horizon must adjust as the workforce undergoes this incredible shift in order to maintain the stability and profitability of the economy in the face of shifting demographics.

According to a recent National Institute on Retirement Security (NIRS) survey, people who have access to employer-sponsored retirement plans are noticeably more optimistic about their readiness for retirement despite the noticeable increase in retirements. According to the survey, as of 2023, 75% of employees with these plans felt ready for retirement, while only 40% did not. This discrepancy highlights how important structured retirement savings plans are to guaranteeing retirees' financial security. Leveraging these benefits can significantly improve post-retirement life quality for workers, especially those employed by First Horizon. This underscores the significance of financial preparation and employer support in retirement preparedness【NIRS, 2023】.

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In the current economic climate, retiring is like sailing a large ocean with the wind in your favor. In the same way that experienced sailors use the wind to guide their ships toward their goals, those who are getting close to or have already retired are using the present stock market boom to hasten the process of reaching a secure retirement. A flourishing stock market, shifting demographics, and evolving workplace policies are the driving forces behind the unanticipated spike in retirements, which is comparable to a fleet of ships snatching up the opportunity to set sail. This hypothetical situation emphasizes the value of planning ahead, being flexible, and taking advantage of the current circumstances in order to arrive at the peaceful harbors of retirement, much like a well-executed journey.

What type of retirement savings plan does First Horizon offer to its employees?

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

Does First Horizon provide matching contributions to the 401(k) plan?

Yes, First Horizon provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the eligibility requirement to participate in First Horizon's 401(k) plan?

Employees at First Horizon are eligible to participate in the 401(k) plan after completing a specific period of service, typically within the first year of employment.

How can employees at First Horizon enroll in the 401(k) plan?

Employees can enroll in First Horizon's 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

What investment options are available in First Horizon's 401(k) plan?

First Horizon offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.

Can employees at First Horizon take loans against their 401(k) balance?

Yes, First Horizon allows employees to take loans against their 401(k) balance under certain conditions, as outlined in the plan documents.

What is the vesting schedule for First Horizon's 401(k) matching contributions?

The vesting schedule for First Horizon's matching contributions typically follows a graded schedule, which means employees earn ownership of the match over a period of time.

Are there any fees associated with First Horizon's 401(k) plan?

Yes, there may be administrative fees associated with First Horizon's 401(k) plan, which are disclosed in the plan documents.

How often can employees at First Horizon change their 401(k) contribution amount?

Employees at First Horizon can change their 401(k) contribution amount at any time, subject to the plan's guidelines.

What is the maximum contribution limit for First Horizon's 401(k) plan?

The maximum contribution limit for First Horizon's 401(k) plan is set by the IRS and may change annually; employees should refer to the latest IRS guidelines for specifics.

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

First Horizon National Corporation offers both a pension plan and a 401(k) plan to its employees. The First Horizon National Corporation Pension Plan is a defined benefit corporate pension fund that was established in 1946. This pension plan provides retirement, death, and disability benefits to eligible employees and their beneficiaries. The assets of the pension plan are managed by the Pension, Savings, and Flexible Compensation Committee, with First Tennessee Bank National Association serving as the trustee (PitchBook). In addition to the pension plan, First Horizon provides a 401(k) plan where employees can save for retirement with contributions matched by the company up to 6% of their pre-tax income. The 401(k) plan also includes various savings and money management tools, such as Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA), which allow employees to set aside pre-tax income for healthcare and dependent care expenses

Restructuring and Layoffs: In early 2024, First Horizon announced a significant restructuring plan aimed at streamlining operations and reducing costs. The bank plans to cut approximately 5% of its workforce over the next year as part of this initiative. This move is in response to increasing operational expenses and the need to enhance efficiency in a challenging economic environment. This news is particularly relevant as it reflects broader trends in the banking sector where institutions are adjusting their workforces to remain competitive amidst economic uncertainty.

First Horizon Corporation (FHN) provides a comprehensive employee stock option and Restricted Stock Unit (RSU) program aimed at retaining top talent and incentivizing long-term performance. First Horizon offers both stock options and RSUs to eligible employees, primarily those in executive or senior management roles. These awards generally vest over a period of three to five years, with specific performance metrics tied to company performance and stock price. Employees who meet certain job levels and performance criteria are eligible to participate in these equity compensation plans. In 2022, First Horizon offered RSUs that vest annually, providing employees with ownership stakes in the company. By 2023 and 2024, the bank continued this program with slight adjustments, including expanded eligibility and adjusted performance criteria (

First Horizon Health Benefits Overview Company Website: The official First Horizon website provides the most direct and accurate information. Glassdoor: This site often has employee reviews and details about health benefits, including recent changes or feedback from employees. Indeed: Similar to Glassdoor, Indeed might have employee reviews and specific information about health benefits and any recent updates. LinkedIn: Sometimes companies post updates about employee benefits or changes in health-related policies here. Benefits.gov: This site provides general information about employee benefits and might have relevant details or changes affecting First Horizon.