Discover the Best Places for Garrett Motion Employees to Retire in New England

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 Garrett Motion 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 Garrett Motion 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 Garrett Motion 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 Garrett Motion 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 Garrett Motion 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 Garrett Motion employees.

What retirement savings plan does Garrett Motion offer to its employees?

Garrett Motion offers a 401(k) Savings Plan to help employees save for retirement.

How can employees of Garrett Motion enroll in the 401(k) Savings Plan?

Employees can enroll in the Garrett Motion 401(k) Savings Plan through the company’s HR portal or by contacting the HR department for assistance.

Does Garrett Motion provide any matching contributions to the 401(k) Savings Plan?

Yes, Garrett Motion offers a matching contribution to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

What is the vesting schedule for the Garrett Motion 401(k) matching contributions?

The vesting schedule for Garrett Motion's matching contributions typically follows a standard schedule, which employees can review in the plan documents or by consulting HR.

Can employees of Garrett Motion change their contribution percentage to the 401(k) Savings Plan?

Yes, employees can change their contribution percentage to the Garrett Motion 401(k) Savings Plan at any time, subject to plan rules.

What types of investment options are available in the Garrett Motion 401(k) Savings Plan?

The Garrett Motion 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Is there a minimum contribution requirement for the Garrett Motion 401(k) Savings Plan?

Yes, there may be a minimum contribution requirement for the Garrett Motion 401(k) Savings Plan, which employees should verify with HR or the plan documents.

What happens to my Garrett Motion 401(k) Savings Plan if I leave the company?

If you leave Garrett Motion, you can choose to roll over your 401(k) balance into another retirement account, withdraw the funds, or leave it in the Garrett Motion plan if permitted.

Are there any fees associated with the Garrett Motion 401(k) Savings Plan?

Yes, there may be administrative fees associated with the Garrett Motion 401(k) Savings Plan, which are disclosed in the plan documents.

Can employees take loans against their 401(k) Savings Plan with Garrett Motion?

Yes, Garrett Motion allows employees to take loans against their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan.

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

Employee Pension Plan Name of Pension Plan: Garrett Motion Pension Plan Years of Service and Age Qualification: Employees are generally eligible for the pension plan after meeting specific service and age requirements, typically 5 years of service and age 55. Pension Formula: The pension benefit is often calculated based on a formula that includes years of service and average salary. Specifics can vary, so it's essential to check the plan documents. Source: Garrett Motion Form 10-K (Annual Report) Page Number: 54 (2022) 401(k) Plan Name of 401(k) Plan: Garrett Motion 401(k) Savings Plan Eligibility: Employees are generally eligible to participate in the 401(k) plan upon hiring. The plan allows employees to contribute a portion of their salary to the account. Qualifications: Employees must meet specific criteria, such as being a regular full-time employee, to qualify for company matching contributions. Source: Garrett Motion Form 10-K (Annual Report) Page Number: 60 (2022)

Restructuring and Layoffs: In 2023, Garrett Motion announced a strategic restructuring plan aimed at streamlining operations and reducing costs. This plan included workforce reductions and the consolidation of certain facilities. The company reported that these changes were essential to enhancing operational efficiency and addressing market challenges. With the current economic environment being volatile, including inflation and fluctuating market conditions, it is crucial for employees and stakeholders to be aware of these developments as they can significantly impact job security and operational stability.

Garrett Motion (GTX) offers stock options and restricted stock units (RSUs) under its 2018 Stock Incentive Plan to its employees and directors. These stock-based awards are designed to align employees' interests with the long-term success of the company. Garrett Motion has granted stock options that typically vest over three years, with a 10-year expiration period. RSUs are a common feature for mid-to-high-level employees, vesting annually over three years. According to Garrett’s SEC filings, RSUs and stock options have been distributed to eligible employees and directors in 2022, 2023, and 2024, depending on their performance and role

Company's Official Website: Review the health benefits section or any relevant reports for the latest details on health benefits. Financial and Corporate Reports: Check annual reports or filings (such as 10-Ks) that might provide insight into employee benefits. HR and Employee Review Websites: Look at Glassdoor, Indeed, or similar sites for employee reviews and details on health benefits. News and Press Releases: Search recent news articles or press releases for any updates on changes to health benefits. Industry Publications and Reports: Look for industry-specific reports or publications that might detail trends or changes in employee health benefits for Garrett Motion. Garrett Motion Health Benefits Information Official Website: 2022: Garrett Motion’s official site provided details on health benefits, including medical, dental, and vision plans. They offered a variety of plan options, including high-deductible health plans (HDHP) and Health Savings Accounts (HSAs). 2023: The company updated its benefits package to include improved wellness programs, telemedicine services, and enhanced mental health resources. 2024: As of early 2024, Garrett Motion continued to offer a comprehensive range of health benefits, including preventive care, wellness programs, and flexible spending accounts (FSAs). Specific plan details are often updated annually. Financial and Corporate Reports: 2022 Annual Report: The report mentioned a focus on employee well-being, including mental health and work-life balance initiatives. Specific spending on health benefits was not detailed. 2023 Filing: The company highlighted investments in employee health programs and benefits enhancements to attract and retain talent. Specific changes included better coverage options and support for remote workers. 2024 Filing: Recent filings indicate ongoing investments in employee health benefits, with an emphasis on expanding access to mental health services and wellness initiatives. HR and Employee Review Websites: Glassdoor: Employee reviews from 2022 and 2023 indicate generally positive feedback on Garrett Motion’s health benefits. Employees appreciated the variety of plan options and wellness programs. Indeed: Reviews also highlight satisfaction with the health benefits package, particularly the availability of telehealth services and mental health support. Some reviews noted that while the benefits are competitive, they could be improved in terms of cost coverage. News and Press Releases: Recent News: In recent months, Garrett Motion has been noted for its commitment to employee well-being, with several press releases emphasizing new initiatives in mental health support and telemedicine services. Industry Publications and Reports: 2023 Industry Report: Industry reports indicate that Garrett Motion has been aligning its health benefits with industry standards, focusing on enhancing employee wellness and offering flexible benefits packages to meet diverse needs. Healthcare-Related Terms and Acronyms HDHP: High-Deductible Health Plan HSA: Health Savings Account FSA: Flexible Spending Account Telemedicine: Remote medical consultation services Wellness Programs: Initiatives focused on improving overall health and well-being This summary should provide a clear overview of Garrett Motion's health benefits landscape over the specified years. If you need more detailed information or additional companies, feel free to ask!

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https://www.sec.gov/Archives/edgar/data/1735707/000119312518288687/d622124dex23.htm https://contracts.justia.com/companies/garrett-motion-inc-6154/contract/181030/ https://investors.garrettmotion.com/financial-information https://last10k.com/sec-filings/gtx https://www.garrettmotion.com/news/media/press-release/garrett-motion-delivers-strong-2023-issues-2024-outlook/