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

Discover the Best Places for Devon Energy Employees to Retire in New England

Healthcare Provider Update: Healthcare Provider for Devon Energy: Devon Energy Corporation partners with Aetna as its healthcare provider. Aetna offers a range of health plans and services to support the wellness needs of Devon Energy employees and their families. Potential Healthcare Cost Increases in 2026: As healthcare costs continue to rise, Devon Energy could see significant increases in employee healthcare expenses in 2026, attributed in part to anticipated premium hikes associated with the Affordable Care Act (ACA). With some states preparing for rate increases of up to 66% and the expiration of enhanced federal premium subsidies, employees may face out-of-pocket premium escalations of over 75%. The confluence of rising medical costs and changes in healthcare policy may necessitate adjustments in how both employers and employees plan for their health coverage, prompting a careful re-evaluation of benefit strategies in the coming year. Click here to learn more

Despite New England's reputation for high living costs, difficult tax laws, and harsh winters, this region continues to attract retirees with its beautiful seasons and rich historical backdrop. According to a national movers research conducted annually by United Van Lines, Vermont and Rhode Island were the most popular retirement locations in the United States in 2023. This realization inspires a closer look at the area's retirement appeal, considering factors such as cost of living, safety, access to healthcare, and cultural vibrancy, especially for Devon Energy employees.

Connecticut: The Twofold Allure of Middletown

Beginning in Connecticut, Middletown, with an average family income of $90,731, is a prime example of the typical high-cost Northeastern municipality. The average income for residents 65 years of age and above is $47,599. Despite these figures, Middletown continues to attract retirees, especially because of its connection to Wesleyan University. By providing low-cost and free educational options through the Wesleyan Institute for Lifelong Learning, the university enriches the town's cultural landscape. With violent crime rates at a low 0.99 per 1,000 population, this area is significantly safer than nearby Hartford, where rates are 5.68 per 1,000.

Maine: The Urban Charm of Portland Amid Natural Magnificence

Portland, Maine, offers a desirable blend of access to the outdoors and metropolitan conveniences. Its downtown is lively, home to theaters, museums, and a wide variety of restaurants. The famous L.L. Bean store in Freeport, which is near the city, attracts both residents and visitors. In addition to beaches, the area provides winter sports like cross-country skiing and snowshoeing, as well as outdoor pursuits like fishing and kayaking, making it an attractive spot for Devon Energy employees seeking an active retirement.

Massachusetts: The Affordability of Pittsfield in a Cultural Center

In an otherwise pricey state, Pittsfield, Massachusetts, offers a more affordable option. The cost of living in the town is significantly less than that of large cities like Cambridge and Boston. Here, the average home value is $282,706, substantially less than the statewide average. Pittsfield is also known for its vibrant cultural environment, further enhanced by neighboring establishments like the Tanglewood Music Center and MASS MoCA.

Laconia, New Hampshire: Lakeside Living

With Gunstock Mountain Resort close by, Laconia, New Hampshire, nestled between Lake Winnipesaukee and Winnisquam Lake, offers a wealth of recreational possibilities. The local crime rate reflects the low state average of 1.26 crimes per 1,000 residents. Notable tax perks also exist here; New Hampshire grants exemptions from the state's interest and dividend taxes in addition to not taxing Social Security benefits, making it an attractive location for Devon Energy retirees.

Rhode Island: The Creative and Intellectual Offerings of Providence

For retirees engaged in creative and intellectual endeavors, Providence, Rhode Island, is a notable destination. The city is home to the Rhode Island School of Design and Brown University, and it boasts a booming restaurant scene, numerous cultural events, and educational options. With Providence's average home value of $382,032 and the state's average effective property tax rate of 1.53%, retirees should exercise caution when considering the state's higher-than-average property tax rates.

Vermont: The Academically Rich and Eco-Friendly Burlington Environment

Nestled on the shores of Lake Champlain, Burlington, Vermont, is popular among environmentally conscious retirees due to its thriving local food movement and establishments such as Seventh Generation. Numerous outdoor activities, including biking, hiking, and water sports, are available in the city. Vermont is financially challenging due to its high taxes and cost of living. In Burlington, the average home value is $512,485, and nursing home costs are very high. Nonetheless, a significant educational benefit is added by the University of Vermont, which grants free tuition to state residents 65 and older, a great perk for Devon Energy employees seeking continued learning.

Decisions Driven by Data

These decisions are supported by thorough data analysis:

Costs of living information is sourced from Payscale.com.

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Point2homes.com provides average income figures for those 65 years of age and above.
The U.S. Census Bureau provides information on healthcare facilities, household incomes, and poverty rates.
The scores for physical and community well-being are from Sharecare and Gallup, components of the larger Gallup-Sharecare Well-Being Index.

This comprehensive analysis of retirement locations in New England reveals a complex yet alluring world for seniors. When weighing economic and safety factors against cultural diversity, scenic beauty, and educational options, New England presents a compelling option for Devon Energy employees seeking a rewarding post-retirement lifestyle.

New England boasts some of the best healthcare facilities in the country, an important consideration for retirees. Boston's Massachusetts General Hospital ranked among the country's top five hospitals in U.S. News & World Report's 2023 rankings. For retirees who place a high value on their health and wellness, proximity to first-rate medical care ensures access to excellent healthcare services as they age.

Choosing the right retirement location in New England is akin to selecting a fine vintage wine. Retirees appreciate Middletown, Portland, Pittsfield, Laconia, Providence, and Burlington for their rich cultural offerings, historical significance, and tranquil landscapes, just as a connoisseur values a wine's complex flavors, elegant aging process, and regional characteristics. Each location promises a fulfilling retirement with its own balance of safety, healthcare accessibility, and recreational options, making them excellent choices for Devon Energy employees.

What is the primary purpose of the 401(k) Savings Plan at Devon Energy?

The primary purpose of the 401(k) Savings Plan at Devon Energy is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or after-tax basis.

How can employees at Devon Energy enroll in the 401(k) Savings Plan?

Employees at Devon Energy can enroll in the 401(k) Savings Plan by logging into the employee portal and completing the online enrollment process during the designated enrollment period.

What types of contributions can employees make to the Devon Energy 401(k) Savings Plan?

Employees at Devon Energy can make pre-tax contributions, Roth (after-tax) contributions, and, if eligible, catch-up contributions to the 401(k) Savings Plan.

Does Devon Energy offer any matching contributions to the 401(k) Savings Plan?

Yes, Devon Energy offers a matching contribution to the 401(k) Savings Plan, which is designed to encourage employees to save for retirement.

What is the vesting schedule for employer contributions in the Devon Energy 401(k) Savings Plan?

The vesting schedule for employer contributions in the Devon Energy 401(k) Savings Plan typically follows a graded vesting schedule, meaning employees gradually earn ownership of the company's contributions over time.

Are there any fees associated with the Devon Energy 401(k) Savings Plan?

Yes, there may be administrative fees associated with the Devon Energy 401(k) Savings Plan, which are disclosed in the plan documents provided to employees.

Can employees at Devon Energy take loans against their 401(k) Savings Plan balance?

Yes, employees at Devon Energy may be able to take loans against their 401(k) Savings Plan balance, subject to the plan's terms and conditions.

What investment options are available in the Devon Energy 401(k) Savings Plan?

The Devon Energy 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to diversify their retirement savings.

How often can employees change their contribution amounts to the Devon Energy 401(k) Savings Plan?

Employees at Devon Energy can change their contribution amounts to the 401(k) Savings Plan at any time, subject to the plan's guidelines.

What is the minimum age requirement to participate in the Devon Energy 401(k) Savings Plan?

The minimum age requirement to participate in the Devon Energy 401(k) Savings Plan is typically 21 years old, but employees should refer to the plan documents for specific details.

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

Devon Energy Pension Plan Devon Energy does not specifically offer a traditional defined benefit pension plan but provides retirement benefits through their 401(k) plan, which includes additional company contributions. The company contributes a percentage of the employee's eligible compensation to their 401(k) account each quarter, regardless of whether the employee contributes. This contribution is designed to supplement the employees' savings, ensuring they have a robust retirement fund. Devon Energy 401(k) Plan The Devon Energy 401(k) Incentive Savings Plan allows employees to contribute 1% to 50% of their eligible pay on a pre-tax basis, Roth after-tax basis, or a combination of both, up to the IRS limits. Employees aged 50 or older can make additional catch-up contributions. Devon Energy matches 100% of the employee contributions up to 6%, based on years of service, making it a significant part of the retirement savings strategy for employees.

Devon Energy announced the layoff of approximately 300 employees, representing around 9% of its workforce, as part of a broader effort to reduce general and administrative costs by $150 million to $200 million by 2024. This restructuring follows a challenging period for the energy sector, despite recent increases in oil prices. The layoffs are part of a strategy to streamline operations, focus on core assets, and enhance the company's financial stability. Additionally, Devon Energy has continued its disciplined cash-return business model, focusing on generating free cash flow and returning capital to shareholders. They have also announced preliminary plans for 2024, including the continuation of their fixed-plus-variable dividend strategy, which has been a key component of their financial approach since their merger with WPX Energy.

Stock Options and RSUs: Devon Energy offers a combination of stock options and RSUs to its employees under the Long-Term Incentive Plan (LTIP). This plan has been in place and was amended as of 2024. Employees eligible for these awards typically include executive officers, directors, and other key employees within the company. The awards are designed to vest over a period, usually tied to continued employment and performance metrics. RSUs (Restricted Stock Units) at Devon Energy are granted as part of the LTIP and typically vest over a multi-year period. The RSUs represent a promise to deliver shares of Devon Energy stock to employees upon meeting specific vesting conditions. For example, RSUs granted in 2022, 2023, and 2024 usually vest after three years, encouraging employees to stay with the company long-term. These RSUs do not require employees to purchase the shares; instead, they are given shares once the units vest.

Devon Energy offers a comprehensive set of health benefits to its employees, focusing on ensuring both physical and mental well-being. For the years 2022, 2023, and 2024, the company's health benefits package includes medical, dental, and vision coverage, all starting from the first day of employment for regular full-time, part-time employees, and interns. Healthcare-Related Terms and Acronyms: PPO (Preferred Provider Organization): Employees can choose between PPO and Premier plans, with differences in deductible amounts and coverage percentages for services like preventive care and major services. UBreathe Program: A tobacco cessation program that helps employees avoid a tobacco surcharge on their medical insurance if they meet specific requirements. VSP (Vision Service Plan): Administers the vision coverage, offering annual exams and allowances for lenses and frames. Recent Employee Healthcare News: Devon Energy has placed significant emphasis on wellness through various programs and facilities. For example, "The Well," a wellness center at their Oklahoma City headquarters, provides access to state-of-the-art fitness equipment, group classes, and wellness resources. The company also offers a near-site primary care clinic, "The Doc," which provides advanced medical care, behavioral health services, and physical therapy. Additionally, Devon Energy's commitment to employee wellness is evident in their support for flexible spending accounts and comprehensive dental and vision coverage options, designed to cater to a wide range of employee needs

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For more information you can reach the plan administrator for Devon Energy at 333 W Sheridan Ave Oklahoma City, OK 73102; or by calling them at (405) 235-3611.

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