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Rising Sea Levels: What WestRock Employees Need to Know About the Impact on Their Homes and Retirement Plans

Healthcare Provider Update: Healthcare Provider for WestRock: WestRock employees typically receive their health care benefits through various providers as part of employer-sponsored insurance plans. Specific details on the primary healthcare provider may vary, but it's known that large companies like WestRock often collaborate with major insurers. To identify the exact provider, employees should consult their HR department, which can provide the most accurate and relevant information. Potential Healthcare Cost Increases in 2026: As WestRock prepares for 2026, employees should brace for significant healthcare cost increases. With the expiration of enhanced federal ACA subsidies and rising medical costs, many workers could face steep premium hikes, potentially exceeding 75%. A recent survey indicates that nearly half of large employers, including WestRock, anticipate transferring more healthcare expenses to employees, raising deductibles and out-of-pocket maximums. This evolving landscape highlights the importance for WestRock employees to understand their benefits and mitigate potential financial impacts. Click here to learn more

Coastal flooding has become a major problem in recent years, especially for cities along the country's shorelines. The problem is exacerbated by the increasing effects of climate change, which cause sea levels to rise and hurricanes to become stronger, pushing surges farther inland than ever before. These incidents highlight the growing risk to lives and property, with an elderly population being particularly vulnerable. This is a pressing concern for WestRock employees living in coastal areas, as it directly impacts their homes and communities.

Martha Shaw's September 2022 experience with Hurricane Ian provides an insightful case study of these difficulties. At eighty-four, Shaw had already survived Hurricane Charley in 2004 with little harm to her mobile home in Fort Myers. Ian, though, turned out to be disastrous. With gusts approaching 150 miles per hour and a storm surge of up to 14 feet, the hurricane decimated the surrounding area, forcing Shaw to seek safety in an emergency shelter. In the aftermath, her house was found to be nearly completely submerged, making it unusable. For WestRock employees, particularly those nearing retirement, this serves as a stark reminder to have robust emergency plans in place and to ensure that their homes are adequately insured against such natural disasters.

Wider Ramifications of Coastal Flooding

Sea level rise brought on by climate change has caused high-tide 'nuisance' flooding to occur three to nine times more frequently than it did fifty years ago, according to the National Oceanic and Atmospheric Administration (NOAA). In addition, storm intensity has grown, which raises the possibility of damage. WestRock employees should understand these environmental changes and prepare for future risks by updating their emergency preparedness plans.

Older folks are one population that these changes primarily affect but are often disregarded. Between 1970 and 2022, the number of people over 65 who live in coastal areas increased by 159%. During such emergencies, this demographic frequently experiences significant difficulties, such as accessibility problems and the aggravation of pre-existing medical conditions, making evacuations and recovery especially difficult. For WestRock retirees, these factors underscore the importance of detailed evacuation plans and accessible healthcare options.

Economic Implications

The economic implications are equally dire. For instance, 1.8 million residences in Florida—a state with a large population of senior citizens—are at significant risk of flooding. Outdated flood insurance policies and rising rates compound the financial consequences of flooding, causing many people to forgo this essential protection. WestRock employees should review their insurance policies to ensure comprehensive coverage against such threats and consider financial planning that accounts for the increased costs of flood insurance.

Historical data shows how serious the situation is. Not only has flooding increased in frequency but also in depth, hitting regions that were once considered safe. For example, the number of flooding incidents in Charleston, South Carolina, has increased exponentially; throughout the 20th century, there were no more than 35 annual flooding events; in 2019 alone, there were 89. The natural and economic landscape of this city, like many others, is changing due to the effects of climate change. WestRock employees living in these vulnerable areas must stay informed and prepared to adapt to these evolving challenges.

Individual Stories of Resilience and Adversity

People like Martha Shaw and others in similar situations frequently have to undertake the enormous effort of reconstructing their lives after a calamity. Rebuilding to modern standards can be extremely expensive, often requiring relocation or large financial outlays that are out of reach for many people, particularly those with fixed incomes or little savings. WestRock employees should consider the financial implications of such events and plan accordingly by exploring options for disaster recovery and rebuilding support.

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Martha Shaw's situation after Ian captures the dreadful scenarios that many people encounter. Even though she had homeowner's insurance, she was financially vulnerable since she didn't have flood coverage—a situation that is all too prevalent in locations prone to flooding. This underscores the vital need for sufficient insurance coverage and the significance of community and governmental support networks. The WestRock HR and community support programs can play a crucial role in helping employees navigate these challenges and ensure they have the necessary resources during such crises.

Similar stories of resilience and adversity are being told in New Jersey, where communities are still coping with the aftermath of previous catastrophes like Superstorm Sandy. After major disasters, residents have had to adjust to new realities, which include raising homes and overcoming the bureaucratic obstacles that arise. WestRock employees in these areas should learn from these experiences and take proactive measures to safeguard their homes and families by participating in local community planning and resilience initiatives.

The Need for Comprehensive Solutions

The hazards of living close to the coast have increased in many coastal locations due to outdated infrastructure and insufficient preparedness measures. Even if floods are happening more frequently and with greater intensity, many places are still unprepared for the problems brought on by climate change. WestRock employees should advocate for better infrastructure and preparedness measures in their communities to mitigate these risks.

A coordinated effort is needed to meet the challenges posed by aging populations, increasing climate impacts, and economic vulnerabilities. This can be achieved by better legislative measures, stronger community planning, and more resident knowledge and readiness. The experiences of people like Shaw and American communities at large serve as a loud cry for action to reduce the hazards and guarantee that coastal places continue to be sustainable and safe for all people, regardless of age. WestRock can take a leadership role in these initiatives, promoting resilience and safety among its employees and the broader community.

Mental Health and Displacement

The uprooting of elderly Americans from their homes due to rising sea levels affects not just their lost possessions but also their mental well-being. According to a March 2022 American Psychological Association study, older adults who have been displaced by flooding are more likely than younger people to suffer from anxiety, depression, and post-traumatic stress disorder. For retirees, who frequently deal with these difficulties in addition to other age-related health conditions, this is especially worrying. The Employee Assistance Programs (EAP) can provide essential support for mental health during such transitions, ensuring that employees have access to the help they need.

Practical Advice for Coastal Residents

Understanding how climate change is increasingly affecting coastal communities is essential for WestRock employees living in these areas. This in-depth analysis explores the difficulties faced by homeowners, particularly the rising frequency of floods caused by high tides and the psychological and financial burden on individuals who are getting close to retirement. Find out about property safety, insurance conundrums, and community resilience initiatives. WestRock employees considering relocation to a coastal area or already living there should use this information to modify homes and lifestyles to accommodate the effects of climate change.

Strategic Planning for WestRock Employees

Managing a firm that experiences market volatility can be compared to navigating the increasing issues posed by coastal flooding for senior homeowners. Elderly homeowners must strategically modify their living methods, just as a seasoned CEO strategically guides their company through economic difficulties by investing in risk management and modifying business models. They must make significant investments in flood insurance, modify their properties to adapt to changing environmental circumstances, and perhaps even move to safer areas. Ensuring long-term stability in the face of rising seas or market volatility requires planning, vision, and the courage to make difficult decisions. WestRock employees should apply these strategic approaches to ensure their homes and investments remain secure amidst the growing threats posed by climate change.

How does the WestRock Company Consolidated Pension Plan specifically calculate the Normal Retirement Benefit for its employees, and what considerations should employees be aware of regarding the Final Average Pay calculation used by WestRock Company?

Normal Retirement Benefit Calculation: The WestRock Company calculates the Normal Retirement Benefit based on the employee's Final Average Pay. This is defined as the average of the employee's highest five years of earnings over the last ten years of employment before termination. Earnings included in the Final Average Pay are most wages, bonuses, commissions, and amounts deferred under the company’s 401(k) plan. Employees should be aware that earnings after December 31, 2015, are excluded unless they qualify under the Rule of 75(WestRock Company_Issued…).

What are the specific eligibility requirements for the Disability Retirement Pension under the WestRock Company plan, and how does this differ for Legacy Mead and Legacy Westvaco participants within the WestRock Company workforce?

Disability Retirement Pension Eligibility: To qualify for a Disability Retirement Pension, an employee must have earned at least five years of Vesting Service and be deemed "totally and permanently disabled" according to specific criteria. Legacy Mead and Legacy Westvaco participants are subject to special rules detailed in the Legacy Supplement. Legacy Mead employees must apply separate criteria from Legacy Westvaco employees(WestRock Company_Issued…).

In what ways can employees at WestRock Company manage and maximize their Vesting Service to ensure they receive the full benefits from the companyâ€™s pension plan, particularly for those with interrupted service or re-employment?

Vesting Service Maximization: WestRock employees can manage their Vesting Service by ensuring that they complete at least five years of service, which guarantees their right to pension benefits. Employees with interrupted service can still receive credit for Vesting Service if they return within five years. Additionally, employees who leave and return within a year will receive credit for the time they were absent(WestRock Company_Issued…).

How does the WestRock Company handle the transition of benefits for employees who transfer between different positions within the company, and what impacts could this have on their eventual retirement benefits?

Transfer Between Positions: When WestRock employees transfer between different positions, their retirement benefit is calculated based on the greater of two methods. The first method calculates the benefit accrued at each position separately, while the second method applies the total benefit service across positions. Vesting Service is always combined, regardless of location or position(WestRock Company_Issued…).

How does the WestRock Company plan ensure that pension benefits are protected, particularly through the Pension Benefit Guaranty Corporation (PBGC), and what should employees know about their rights and guarantees under this insurance?

Pension Benefit Protection (PBGC): The WestRock Pension Plan is insured by the Pension Benefit Guaranty Corporation (PBGC). This federal insurance guarantees that employees will receive their vested pension benefits even if the plan is terminated. Employees should understand that PBGC coverage has limits, and benefits might be reduced under certain circumstances(WestRock Company_Issued…).

What are the consequences for WestRock Company employees who choose to withdraw from their pension plan or to rollover their benefits upon retirement or termination? How can they navigate these options effectively to avoid penalties?

Withdrawals and Rollovers: Employees can withdraw or roll over their pension benefits upon retirement or termination. Lump-sum withdrawals may be subject to taxes unless rolled over into a qualifying retirement account. Employees should consult the WestRock Benefits Center to avoid penalties and ensure compliance with federal tax regulations(WestRock Company_Issued…).

How does the WestRock Company maintain compliance with federal regulations and best practices under ERISA, and what specific rights do employees have concerning their pension benefits?

ERISA Compliance: WestRock complies with the Employee Retirement Income Security Act (ERISA), ensuring that employees' pension rights are protected. Employees have the right to receive information about their benefits, act prudently, and enforce their rights through the claims and appeals process outlined in the plan(WestRock Company_Issued…).

What resources are available to employees of WestRock Company for understanding their benefits under the Consolidated Pension Plan, and how can they utilize these resources to ensure they make informed decisions about their retirement?

Resources for Understanding Benefits: WestRock provides employees access to the WestRock Benefits Center, where they can obtain information on their pension plan. Employees are encouraged to review the Summary Plan Description and consult with the Benefits Center for clarification on their benefits and to make informed retirement decisions(WestRock Company_Issued…).

How will the integration of employee benefits from various company acquisitions impact current staff at WestRock Company, and what steps is the company taking to communicate these changes effectively to its employees?

Impact of Acquisitions on Benefits: WestRock has acquired various companies over time, and employees from these acquisitions may have different pension rules applied to them. WestRock takes steps to integrate these employees and communicates any changes through the WestRock Benefits Center. Special rules may apply based on the previous employer’s pension plan(WestRock Company_Issued…).

How can employees of WestRock Company get in touch with the WestRock Benefits Center to seek clarification about the Summary Plan Description, and what are the best practices to follow when requesting information regarding their pension plan?

Contacting the Benefits Center: Employees can contact the WestRock Benefits Center for clarification on the Summary Plan Description. Best practices include having detailed questions prepared, reviewing the SPD in advance, and requesting copies of documents or forms that clarify specific aspects of their pension plan(WestRock Company_Issued…).