Healthcare Provider Update: HNI Corporation offers health insurance coverage to its U.S. employees through medical, dental, and vision plans, along with prescription benefits. The company provides Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) with employer contributions, as well as company-paid life and disability insurance. Preventive care and wellness programs are also included. HNI Corporation Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more
Over the last forty years, the 401(k) plan has become the most popular retirement savings vehicle for HNI employees, outpacing both individual retirement accounts (IRAs) and traditional pension plans. This change highlights a major shift in retirement planning, as employees are now more responsible for shieldinging their financial security than they were in the past when employers handled defined benefit pension plans. The shift from self-managed 401(k) plans to guaranteed company pensions is a significant shift in the design of retirement benefits. Even though the 401(k) has many benefits, improvements might be made to better serve the needs of HNI retirees in the future.
According to recent findings from the Employee Benefit Research Institute (EBRI) , raising catch-up contributions might greatly increase retirement savings for HNI employees who are getting close to retirement. In addition to the regular cap, individuals 50 years of age and beyond can contribute an extra $6,500 to their 401(k) plans as of 2021. HNI employees in their later years of employment who need to increase their retirement savings will find this option especially helpful. Improving these contributions could further assist retirees' financial stability and better prepare them for longer retirement periods, as life expectancy continues to rise. These changes would be an essential improvement over the 401(k) plans that are in place.
Examine the development and significance of the 401(k) plan, which has surpassed IRAs and traditional pensions to become the most popular option for retirement savings for HNI employees. Discover how these programs, which give you flexibility and control over your retirement funds, have evolved to meet the demands of contemporary finance. To better prepare for a secure future, recognize the need for self-managed retirement planning and the possibility of increasing 401(k) contributions. This is perfect for HNI professionals aiming to maximize their financial stability as they approach retirement.
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!
Think of the 401(k) as the flagship ship cruising the wide retirement waters for HNI employees. Previously, retirees depended on the crew of the ship—traditional pensions—to lead them securely to their final destination: retirement. But as times have evolved, HNI employees are now in control and using contemporary navigational aids (401(k) plans) to design their own path. These tools have developed to provide greater flexibility and control, but just as improving a ship's equipment can increase its effectiveness and safety, so too can improving a 401(k) plan's features, such as adding more investment options and raising contribution limits, assist in a a safer and more comfortable transition to retirement.
What is the HNI 401(k) plan?
The HNI 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them prepare for retirement.
How does HNI match contributions to the 401(k) plan?
HNI offers a matching contribution up to a certain percentage of employee contributions, which helps to enhance the overall retirement savings.
When can I enroll in HNI's 401(k) plan?
Employees can enroll in HNI's 401(k) plan during the initial onboarding process or during the annual open enrollment period.
What are the eligibility requirements for HNI's 401(k) plan?
To be eligible for HNI's 401(k) plan, employees typically need to meet certain criteria, such as being a full-time employee and completing a specified period of service.
Can I change my contribution rate to HNI's 401(k) plan?
Yes, employees can change their contribution rate to HNI's 401(k) plan at any time, subject to plan rules.
What investment options are available in HNI's 401(k) plan?
HNI's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Does HNI provide financial education resources for employees regarding the 401(k) plan?
Yes, HNI provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.
What happens to my HNI 401(k) if I leave the company?
If you leave HNI, you have several options for your 401(k), including rolling it over to a new employer’s plan, an IRA, or cashing it out (though cashing out may have tax implications).
Is there a loan option available through HNI's 401(k) plan?
Yes, HNI's 401(k) plan may allow employees to take loans against their vested balance, subject to specific terms and conditions.
How often can I access my HNI 401(k) account statements?
Employees can access their HNI 401(k) account statements online, typically on a quarterly basis, or they can request them as needed.