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Navigating Retirement Changes: Essential Financial Insights for HF Sinclair Employees Aged 65 and Above

Healthcare Provider Update: Offers medical plans through Blue Cross Blue Shield of Texas (BCBSTX), with options for PPO and HDHP plans, plus dental (BCBSTX), vision (VSP), and virtual care via MDLIVE 1. As ACA premiums rise and subsidies expire, HF Sinclairs employer-sponsored plans with preventive care and wellness incentives may help employees avoid the steep out-of-pocket costs expected in the marketplace. Click here to learn more

Achieving a financially robust retirement at HF Sinclair is increasingly challenging in a landscape marked by evolving retirement norms and economic unpredictability. Eric Henderson, the president of Nationwide Annuity, underscores these contemporary challenges. He contrasts the current situation—characterized by inflation and economic instability—with the secure retirements enjoyed by past generations, which were bolstered by stable pension plans. Henderson's insights, derived from Nationwide's studies, highlight the significant shift in retirement strategies and mindsets necessitated by these changes.

The Erosion of Traditional Safety Nets

Recent findings indicate a growing skepticism towards traditional retirement safety nets such as Social Security. Nationwide's research reveals that 27% of respondents anticipate receiving lower payments than initially expected, and 43% now rely less on Social Security. Moreover, 38% express concerns regarding the long-term viability of Social Security, prompting many HF Sinclair employees nearing retirement to reevaluate their strategies.

The Role of Work in Retirement at HF Sinclair

Financial insecurities have altered retirement planning; 41% of pre-retirees at HF Sinclair plan to extend their working years to supplement their retirement income. Additionally, 27% acknowledge the necessity of adopting a frugal lifestyle to achieve their retirement goals.

Adapting Financial Advisory Strategies

To navigate these uncertainties, financial advisors are revising their strategies designed to help their clients weather market fluctuations . A significant 61% of advisors now recommend or use annuities to mitigate risks, a notable increase from just months prior. Annuities, asset diversification, and non-correlated investments are prominent tools, utilized by 79% and 77% of advisors respectively, to safeguard retirement savings.

Despite these protective measures, fewer than half of HF Sinclair pre-retiree investors are discussing crucial topics with their advisors, such as asset accumulation, tax planning, or the conversion of investments into retirement income. Alarmingly, only a small number are exploring optimal timings for Social Security benefits or planning for healthcare expenses—key elements for a secure retirement.

Insights from The Harris Poll and Nuveen

A comprehensive survey conducted by The Harris Poll on behalf of Nationwide, which included 2,346 investors and 518 advisors, sheds new light on the current state of retirement planning. The findings stress the urgent need for personalized retirement strategies among pre-retirees, especially those between the ages of 55 and 65, to successfully navigate today's challenging financial landscape.

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Furthermore, Nuveen's research underlines the importance of tailored benefits in maintaining workforce stability. According to their study, 70% of full-time American workers would consider changing jobs for better benefits, with older employees particularly valuing comprehensive retirement plans. This highlights the need for benefit customization to meet the diverse needs of HF Sinclair workforce.

Effective Design and Communication of Retirement Plans

Brendan McCarthy from Nuveen emphasizes the significance of well-crafted retirement plans and effective communication, especially for HF Sinclair employees, to ensure preparedness for retirement. The underutilization of benefits often stems from inadequate communication, which disproportionately affects minority groups. Nuveen advocates for inclusive communication strategies, including in-person meetings, workshops, and digital outreach, to ensure all employees are informed and can fully utilize their benefits.

Regulatory Updates and Their Implications

For HF Sinclair employees organizing their estate and retirement funds, recent IRS updates provide temporary relief regarding required minimum distributions (RMDs) for inherited IRAs. The Setting Every Community Up for Retirement Enhancement Act of 2019 initially required non-spouse beneficiaries to distribute their IRAs within ten years of inheritance. This rule has been temporarily modified, offering a grace period extending through 2024, after which permanent regulations are expected.

In Conclusion

The dynamic realm of retirement planning requires a deep understanding of financial instruments, regulatory changes, and personalized advisory services. Financial advisors play a pivotal role in devising strategies that ensure a secure and stable retirement for HF Sinclair employees, helping them manage complexities and lay a solid foundation for long-term financial health.

What is the 401(k) plan offered by HF Sinclair?

The 401(k) plan at HF Sinclair is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.

How can I enroll in HF Sinclair's 401(k) plan?

Employees can enroll in HF Sinclair's 401(k) plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.

Does HF Sinclair match employee contributions to the 401(k) plan?

Yes, HF Sinclair offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.

What is the maximum contribution limit for HF Sinclair's 401(k) plan?

The maximum contribution limit for HF Sinclair's 401(k) plan is set according to IRS guidelines, which may change annually. Employees should check the latest limits for the current year.

When can I start contributing to HF Sinclair's 401(k) plan?

Employees at HF Sinclair can start contributing to the 401(k) plan after completing their eligibility period, which is typically outlined in the benefits documentation.

What investment options are available in HF Sinclair's 401(k) plan?

HF Sinclair's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance and retirement goals.

Can I take a loan against my 401(k) at HF Sinclair?

Yes, HF Sinclair allows employees to take loans against their 401(k) savings, subject to certain conditions and limits as outlined in the plan documents.

What happens to my 401(k) if I leave HF Sinclair?

If an employee leaves HF Sinclair, they have several options for their 401(k), including rolling it over to a new employer's plan, transferring it to an IRA, or cashing it out (with potential penalties).

How often can I change my contribution amount to HF Sinclair's 401(k) plan?

Employees can typically change their contribution amount to HF Sinclair's 401(k) plan during open enrollment periods or at any time as permitted by the plan rules.

Is there a vesting schedule for HF Sinclair's 401(k) matching contributions?

Yes, HF Sinclair has a vesting schedule for its matching contributions, meaning employees must work for a certain period before they fully own the matched funds.

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

HF Sinclair provides both a pension plan and a 401(k) plan for its employees. The company's pension plan is referred to as the HF Sinclair Retirement Plan, and it generally requires employees to meet certain age and years of service qualifications to be eligible. The pension formula is based on a final average pay calculation, which considers the employee's average salary over the last few years of service. For the 401(k) plan, known as the HF Sinclair 401(k) Retirement Savings Plan, employees are automatically enrolled with a default contribution rate of 6% of eligible earnings. Employees have the flexibility to adjust this contribution rate from 1% to 75% of their eligible earnings. The plan includes a company match, enhancing the retirement savings for participants. Detailed information about the pension and 401(k) plans, including eligibility criteria, contribution limits, and specific terms, can be found in the HF Sinclair benefits summary documents from 2022 to 2024, accessible through their internal benefits portal. Please refer to the specific benefits document for exact details, including page numbers

Layoffs: In 2023, HF Sinclair implemented significant layoffs at its Sinclair refinery, affecting nearly 100 employees. The decision was met with concern from both state and federal officials due to the economic impact on local communities. This reduction aligns with the company's broader strategy to optimize operations in a challenging economic environment. The layoffs are important to address given the current economic pressures and the impact on the local workforce, emphasizing the need for strategic planning and support for affected employees.

HF Sinclair Corporation offers various employee stock options (ESOs) and Restricted Stock Units (RSUs) as part of its equity compensation program. These options and units are made available to employees to align their interests with the company's performance and long-term success. Stock Options: HF Sinclair provides employees the opportunity to purchase company stock at a predetermined price, known as the exercise price. This option typically vests over a period of time, allowing employees to purchase shares at the set price, regardless of the market price at the time of exercise. Restricted Stock Units (RSUs): RSUs are another form of equity compensation offered by HF Sinclair. Unlike stock options, RSUs represent a promise to deliver company shares at a future date, subject to vesting conditions such as continued employment or performance milestones. Upon vesting, RSUs are converted to actual shares of HF Sinclair stock. Eligibility: Both stock options and RSUs are generally made available to a wide range of employees within HF Sinclair, including senior executives, managers, and other key employees. The availability of these equity awards is typically tied to the employee's role, performance, and tenure with the company. In 2022, 2023, and 2024, HF Sinclair continued to issue these equity compensations as part of their incentive plans, adapting the terms and conditions based on the company’s financial performance and strategic goals. For detailed information on the specific terms and conditions, including vesting schedules and eligibility, you can refer to the company’s investor relations presentations and annual reports.

HF Sinclair offers a comprehensive range of health benefits aimed at supporting the physical, mental, and financial well-being of its employees. For the years 2022, 2023, and 2024, HF Sinclair's health benefits include medical plans with Health Savings Accounts (HSA), Health Reimbursement Accounts (HRA), and incentives like the "Go-to-Doctor" program, which offers premium discounts for completing an annual physical. Employees have access to various healthcare plans, including dental and vision coverage, as well as wellness programs that promote preventive care.

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For more information you can reach the plan administrator for HF Sinclair at , ; or by calling them at .

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