New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Unlocking Retirement Potential: 5 Essential Updates to Your VF Corp. 401(k) You Need to Know

Healthcare Provider Update: Healthcare Provider for VF Corp VF Corporation partners with various healthcare insurers for employee benefits, with notable engagement from UnitedHealthcare. This partnership allows them to provide comprehensive healthcare options to their employees, aligning with the company's commitment to employee health and well-being. Potential Healthcare Cost Increases in 2026 As VF Corp looks ahead to 2026, significant increases in healthcare costs are anticipated. The Affordable Care Act (ACA) marketplace is set to experience premium hikes averaging around 20%, driven by escalating medical costs and the looming expiration of enhanced federal subsidies, which could raise out-of-pocket premiums by over 75% for the majority of enrollees. Major insurers are reporting substantial financial pressures, exacerbated by rising labor costs, drug pricing, and ongoing inflation, leading to an uncertain outlook for both employees and employers in managing healthcare expenses. Click here to learn more

Over the last forty years, the 401(k) plan has become the most popular retirement savings vehicle for VF Corp. 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 VF Corp. 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 VF Corp. 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. VF Corp. 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 VF Corp. 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 VF Corp. professionals aiming to maximize their financial stability as they approach retirement.

Articles you may find interesting:

Think of the 401(k) as the flagship ship cruising the wide retirement waters for VF Corp. 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, VF Corp. 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 primary purpose of the 401(k) plan at VF Corp.?

The primary purpose of the 401(k) plan at VF Corp. is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

How can employees at VF Corp. enroll in the 401(k) plan?

Employees at VF Corp. can enroll in the 401(k) plan by accessing the company’s benefits portal and completing the enrollment process during the designated enrollment period.

What types of contributions can employees make to the VF Corp. 401(k) plan?

Employees at VF Corp. can make pre-tax contributions, Roth after-tax contributions, and, in some cases, catch-up contributions if they are age 50 or older.

Does VF Corp. offer a company match for 401(k) contributions?

Yes, VF Corp. offers a company match for employee contributions to the 401(k) plan, which helps to enhance retirement savings.

What is the vesting schedule for the company match at VF Corp.?

The vesting schedule for the company match at VF Corp. typically follows a graded schedule, where employees become fully vested after a certain number of years of service.

Can employees at VF Corp. take loans against their 401(k) savings?

Yes, employees at VF Corp. may have the option to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

What investment options are available in the VF Corp. 401(k) plan?

The VF Corp. 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles, allowing employees to diversify their portfolios.

How often can employees change their contribution amounts to the VF Corp. 401(k) plan?

Employees at VF Corp. can change their contribution amounts to the 401(k) plan at any time, subject to the plan's rules and regulations.

What resources does VF Corp. provide to help employees understand their 401(k) options?

VF Corp. provides various resources, including educational materials, webinars, and access to financial advisors, to help employees understand their 401(k) options.

Are there any fees associated with the VF Corp. 401(k) plan?

Yes, there may be fees associated with the VF Corp. 401(k) plan, such as administrative fees and investment management fees, which are disclosed in the plan documents.