What Acuity Brands Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Acuity Brands Acuity Brands, a leading provider of lighting and building management solutions, primarily offers its healthcare benefits through large national insurers such as UnitedHealthcare. Employees may access these plans to cover a variety of medical needs, reflecting the competitive landscape for employer-sponsored health insurance. Potential Healthcare Cost Increases in 2026 Looking ahead to 2026, Acuity Brands employees should brace for significant healthcare cost increases. Record premium hikes are anticipated in the Affordable Care Act (ACA) marketplace, with some states experiencing increases as steep as 66%. Coupled with the expiration of enhanced federal premium subsidies, many employees may see their out-of-pocket costs soar by over 75%. Companies across the U.S. are responding to rising healthcare expenses by adjusting benefit structures, which may further impact the affordability of coverage for employees. Click here to learn more

For example, Acuity Brands employees planning on moving overseas need to have a clear plan of action to overcome the challenges of acquiring residency and citizenship in another country,' according to Brent Wolf from The Retirement Group at Wealth Enhancement Group.

Kevin Landis of The Retirement Group, a division of Wealth Enhancement Group, explains why detailed planning is crucial for Acuity Brands employees who intend to retire abroad. However,

In this article we will discuss:

1. The complexity of obtaining residency or citizenship abroad: Discussing the legal, financial, and cultural issues that are involved in moving overseas for Acuity Brands employees.

2. The necessity of professional advice and planning: Emphasizing the importance of thorough preparation and professional advice to ensure a smooth transition to retiring abroad.

3. Tax advantages and financial planning for retirees: Explaining the possible tax advantages that are available through international treaties and the strategic financial planning that needs to be done for the retirement savings of Acuity Brands employees.

Simply for political, economic, and social reasons, many Acuity Brands employees are looking to secure citizenship or residency in other countries if the United States is not as attractive as it once was. But, getting residency in another country and, perhaps, citizenship is not as simple as just buying a plane ticket and setting an itinerary.

This is because there are many processes that may take a few years to accomplish at times. The more people who are considering these options, the more difficult these choices become. It is therefore crucial to identify the legal, financial, and cultural implications that arise in order to ensure a smooth transition to a new home overseas before embarking on this journey.

Without a proper plan and some professional advice, it can be quite a challenge to switch gears and retire during your tenure at Acuity Brands.

The impact of potential tax advantages when retiring abroad will definitely affect your financial position. Many countries, including the United States, have tax treaties that prevent income from being taxed twice. For instance, pensioners are attracted to Portugal by the Non-Habitual Resident (NHR) regime that offers special tax concessions for up to 10 years.

You can enhance your retirement benefits by taking advantage of these perks and seeking the advice of a tax specialist. The IRS notes that because these treaties can be very different it is important to research and seek the advice of a professional (IRS, 2023). These advantages must be used by Acuity Brands employees to enhance their retirement.

Expatriating and retiring is a process of planning a long and beautiful road trip. Just as you would not travel without a map, a well-maintained car, and knowledge of your location, Acuity Brands employees who are retiring abroad need to plan carefully.

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Step by step, you will be guided on how to make your transition to your new home easier, from explaining cultural differences and tax benefits to helping you understand the legal and financial environment. Just as a road trip opens new views and experiences, retirement abroad presents a world of possibilities for a happy and comfortable retirement.

Sources:

1. The Warren Street Wealth Advisors Team. 'Acuity Brands and Large Company Employees.' Warren Street Wealth Advisors, 3 Feb. 2025, Accessed from warrenstreetwealth.com.

2. 'US Taxes for Americans Retiring Abroad in 2025.' MyExpatTaxes, 20 Nov. 2024, Accessed 3 Feb. 2025 from myexpattaxes.com.

3. Toms, Mary, CPA, MBA, MS. 'US Tax Implications of Retiring Abroad: What You Need to Know.' PBMares, 10 Dec. 2024, Accessed 3 Feb. 2025 from pbmares.com.

4. 'Financial Planning for US Expatriates.' The Expat Financial, Accessed 3 Feb. 2025 from expatfinancial.com.

5. 'Retiring Overseas: What You Need to Know About Your US Taxes and Financial Planning.' Expat CPA, Accessed 3 Feb. 2025 from expatcpa.com.

   What is the 401k/Savings Plan offered by Acuity Brands?

   The 401k/Savings Plan at Acuity Brands is a retirement savings plan that allows employees to save a portion of their paycheck on a pre-tax or after-tax basis for their future retirement.

   How can I enroll in the Acuity Brands 401k/Savings Plan?

   Employees can enroll in the Acuity Brands 401k/Savings Plan by completing the online enrollment process through the company's benefits portal or by contacting HR for assistance.

   Does Acuity Brands offer a company match for the 401k/Savings Plan?

   Yes, Acuity Brands offers a company match for contributions made to the 401k/Savings Plan, which helps employees boost their retirement savings.

   What is the vesting schedule for the Acuity Brands 401k/Savings Plan?

   The vesting schedule for the Acuity Brands 401k/Savings Plan typically outlines the period an employee must work at the company to fully own the employer's contributions, which can vary based on tenure.

   Can I take a loan against my Acuity Brands 401k/Savings Plan?

   Yes, Acuity Brands allows employees to take a loan against their 401k/Savings Plan, subject to specific terms and conditions outlined in the plan documents.

   What investment options are available in the Acuity Brands 401k/Savings Plan?

   The Acuity Brands 401k/Savings Plan offers a variety of investment options, including mutual funds, target date funds, and other asset classes to help employees diversify their portfolios.

   How often can I change my contribution amount to the Acuity Brands 401k/Savings Plan?

   Employees can change their contribution amount to the Acuity Brands 401k/Savings Plan at any time, typically through the benefits portal or by contacting HR.

   What happens to my Acuity Brands 401k/Savings Plan if I leave the company?

   If you leave Acuity Brands, you have several options for your 401k/Savings Plan, including rolling it over to another retirement account, cashing it out (subject to taxes and penalties), or leaving it in the plan if eligible.

   Is there a minimum contribution requirement for the Acuity Brands 401k/Savings Plan?

   Yes, Acuity Brands may have a minimum contribution requirement for the 401k/Savings Plan, which is typically outlined in the plan documents.

   Can I contribute to the Acuity Brands 401k/Savings Plan if I am part-time?

   Yes, part-time employees at Acuity Brands may be eligible to contribute to the 401k/Savings Plan, depending on the specific eligibility criteria set by the company.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Acuity Brands announced a significant restructuring plan aimed at optimizing its operational efficiency. This involves layoffs of approximately 10% of its workforce, primarily in the manufacturing and administrative sectors. Additionally, the company is revising its pension plan to reduce future liabilities and enhancing its 401(k) match to retain key employees.