What Evergy Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Offers medical plans through Blue Cross Blue Shield of Kansas City, dental, vision, FSAs, and CVS Caremark for pharmacy benefits 5. As ACA premiums increase, Evergys union and non-union plans provide consistent coverage and cost control for employees. Click here to learn more

For example, Evergy 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 Evergy 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 Evergy 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 Evergy employees.

Simply for political, economic, and social reasons, many Evergy 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 Evergy.

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 Evergy 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, Evergy 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. 'Evergy 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 purpose of Evergy's 401(k) Savings Plan?

   The purpose of Evergy's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest a portion of their income.

   How can I enroll in Evergy's 401(k) Savings Plan?

   You can enroll in Evergy's 401(k) Savings Plan by accessing the employee benefits portal or contacting the HR department for enrollment instructions.

   What types of contributions can I make to Evergy's 401(k) Savings Plan?

   Employees can make pre-tax contributions, Roth (after-tax) contributions, and, if eligible, catch-up contributions to Evergy's 401(k) Savings Plan.

   Does Evergy offer a company match for contributions made to the 401(k) Savings Plan?

   Yes, Evergy offers a company match on employee contributions to the 401(k) Savings Plan, which helps enhance your retirement savings.

   What is the vesting schedule for the company match in Evergy's 401(k) Savings Plan?

   The vesting schedule for the company match in Evergy's 401(k) Savings Plan typically follows a graded vesting schedule, which means you earn ownership of the match over a period of time.

   How often can I change my contribution amount to Evergy's 401(k) Savings Plan?

   You can change your contribution amount to Evergy's 401(k) Savings Plan at any time, subject to the plan's rules and limits.

   Are there any fees associated with Evergy's 401(k) Savings Plan?

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

   What investment options are available in Evergy's 401(k) Savings Plan?

   Evergy's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

   How can I access my account information for Evergy's 401(k) Savings Plan?

   You can access your account information for Evergy's 401(k) Savings Plan through the plan's online portal or by contacting the plan administrator.

   Can I take a loan from my Evergy 401(k) Savings Plan?

   Yes, Evergy's 401(k) Savings Plan allows participants to take loans under certain conditions, subject to the plan's rules and limits.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   For Evergy, the company offers both a pension plan and a 401(k) plan for its employees. The Evergy pension plan, often referred to as the defined benefit plan, requires employees to meet certain years of service and age qualifications to become eligible. The pension formula is based on the final average pay and years of service, which is typical for defined benefit plans. Non-union employees are generally enrolled in the 401(k) plan, which includes company matching contributions. The Evergy 401(k) Savings Plan, established in 1988, is the primary retirement savings option for non-union employees, while some union employees may still have access to a traditional pension plan. The specific eligibility, contribution limits, and matching details are provided in the company’s benefits documentation, typically through internal HR portals or detailed benefits guides.
   Restructuring and Layoffs: Evergy announced a restructuring plan in early 2024 aimed at optimizing its operational efficiency. The plan included a reduction of approximately 5% of its workforce across various departments. This move was intended to streamline operations and reduce costs amid fluctuating energy prices and regulatory changes. Source: Bloomberg
   Evergy grants stock options and RSUs as part of its employee compensation package. According to Evergy's 2022 Annual Report (Source: Evergy 2022 Annual Report, Page 45), stock options are typically offered to senior executives and key employees. RSUs are also granted to attract and retain talent, with specific vesting schedules outlined in the report. Evergy utilizes stock options and RSUs to align employee interests with company performance. The 2022 Compensation Disclosure (Source: Evergy 2022 Proxy Statement, Page 32) details that stock options are granted at an exercise price equal to the fair market value on the grant date. RSUs are granted based on performance metrics and time-based vesting criteria. In 2023, Evergy continued to offer stock options and RSUs as part of its compensation strategy. According to the 2023 Annual Report (Source: Evergy 2023 Annual Report, Page 50), stock options are given to senior management and high-performing employees. RSUs are awarded based on individual and company performance metrics.
   Evergy offers a comprehensive health benefits package designed to support the well-being of its employees and their families. Their benefits include a choice of medical, dental, and vision plans, as well as life and accident insurance, long-term disability, and flexible spending accounts for medical and dependent care. The medical plans are administered through Blue Cross Blue Shield of Kansas City, and Evergy also offers SavRx for union employees as a pharmacy benefit plan​ (evergy.com)​ (Evergy | Newsroom). Specific healthcare-related acronyms used by Evergy include FSA (Flexible Spending Account) and HSA (Health Savings Account), both of which allow employees to set aside pre-tax dollars for medical expenses. Evergy’s health benefits include paid parental leave, which is part of their broader focus on work-life balance​ (evergy.com).