What EPAM Systems Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for EPAM Systems EPAM Systems primarily partners with large health insurers, but specific healthcare providers may vary depending on the regional office and employee benefits package they offer. Typically, recognized national insurers such as UnitedHealthcare, Anthem, and Cigna are among those involved in providing healthcare coverage to EPAM Systems employees. Potential Healthcare Cost Increases in 2026 As 2026 approaches, EPAM Systems employees should prepare for potential healthcare cost increases, significantly influenced by the anticipated rise in Affordable Care Act (ACA) premiums. States may see hikes upwards of 60%, with many large insurers adjusting their rates to counteract escalating medical expenses and the possible expiration of federal premium subsidies. Without these subsidies, over 22 million participants could face out-of-pocket premium increases of over 75%. Consequently, employees at EPAM Systems could find themselves absorbing a larger share of healthcare costs, prompting the need for proactive planning and informed decision-making regarding their healthcare benefits. Click here to learn more

For example, EPAM Systems 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 EPAM Systems 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 EPAM Systems 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 EPAM Systems employees.

Simply for political, economic, and social reasons, many EPAM Systems 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 EPAM Systems.

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 EPAM Systems 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, EPAM Systems 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. 'EPAM Systems 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 retirement savings options does EPAM Systems offer to its employees?

   EPAM Systems offers a 401(k) plan as a primary retirement savings option for its employees.

   Does EPAM Systems match employee contributions to the 401(k) plan?

   Yes, EPAM Systems provides a matching contribution to the 401(k) plan, helping employees maximize their retirement savings.

   What is the eligibility requirement to participate in the EPAM Systems 401(k) plan?

   Employees of EPAM Systems are eligible to participate in the 401(k) plan after completing a specified period of employment, typically within the first year.

   How can employees at EPAM Systems enroll in the 401(k) plan?

   Employees at EPAM Systems can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

   What types of investment options are available in the EPAM Systems 401(k) plan?

   The EPAM Systems 401(k) plan offers a variety of investment options, including mutual funds, index funds, and target-date funds.

   Can employees at EPAM Systems take loans against their 401(k) savings?

   Yes, EPAM Systems allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

   What is the vesting schedule for EPAM Systems’ 401(k) matching contributions?

   The vesting schedule for EPAM Systems’ 401(k) matching contributions typically follows a graded vesting schedule, which employees can review in the plan documents.

   How often can employees at EPAM Systems change their 401(k) contribution amounts?

   Employees at EPAM Systems can change their 401(k) contribution amounts during designated enrollment periods or as specified by the plan guidelines.

   What happens to the 401(k) plan if an employee leaves EPAM Systems?

   If an employee leaves EPAM Systems, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the EPAM Systems plan if allowed.

   Are there any fees associated with the EPAM Systems 401(k) plan?

   Yes, the EPAM Systems 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   EPAM Systems provides a 401(k) plan that was established in 2006. By the end of 2022, the EPAM Systems, Inc. 401(k) Plan had total assets of $258,770,185 with 4,037 participants. On average, participants had an account balance of $64,099. The plan includes automatic enrollment, meaning that employee contributions are deducted directly from payroll unless employees opt out. Additionally, EPAM Systems offers a self-directed brokerage option, allowing employees to invest part of their account as they see fit. The company matches approximately 47.93% of employee contributions, with an average employer match of $4,967 per participant in 2022. The 401(k) plan is a critical component of EPAM Systems' employee benefits package, reflecting their focus on long-term financial planning for their employees. In terms of their pension plan, EPAM Systems does not provide detailed public information about a specific pension formula or defined benefit plan in the same manner they outline their 401(k) offering. However, based on their comprehensive 401(k) plan, it is clear that the company emphasizes retirement planning through this mechanism.
   Layoffs: In early 2024, EPAM Systems announced a reduction in its workforce by approximately 4% globally. This decision was influenced by a slowdown in demand for its services, which is part of a broader trend affecting the tech sector. The company indicated that the layoffs were a strategic move to align its workforce with the current economic conditions and client needs. Benefits and Pension Changes: EPAM Systems has also made adjustments to its employee benefits program, including modifications to its 401(k) matching contributions and changes to pension plan options. These changes are intended to better manage the company’s financial resources in light of current economic uncertainties. Given the volatile economic climate and evolving tax policies, staying updated on these changes is crucial for employees to make informed financial decisions.
   EPAM Systems offers stock options (SO) and Restricted Stock Units (RSUs) as part of their employee compensation package. SO allows employees to purchase company stock at a set price, while RSUs grant employees company shares after certain conditions are met. These benefits are typically available to senior employees and key contributors.
   Company’s Official Website: Check EPAM Systems' official site for their latest health benefits information. Health Benefits Information: Plan Types: Details on the types of health plans offered (e.g., PPO, HMO). Coverage Details: Information on coverage for medical, dental, vision, mental health, etc. Acronyms and Terms: Specific healthcare-related terms and acronyms used by EPAM Systems.