What Eversource Energy Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Employees receive medical, prescription, dental, and vision coverage, with HSA contributions for high-deductible plans. The Med-Vantage Plan offers post-employment HRA contributions, making ACA planning relevant for retirees Click here to learn more

For example, Eversource Energy 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 Eversource Energy 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 Eversource Energy 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 Eversource Energy employees.

Simply for political, economic, and social reasons, many Eversource Energy 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 Eversource Energy.

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 Eversource Energy 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, Eversource Energy 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. 'Eversource Energy 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 Eversource Energy 401(k) Savings Plan?

   The Eversource Energy 401(k) Savings Plan is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax or after-tax basis, helping them build a financial foundation for retirement.

   How can I enroll in the Eversource Energy 401(k) Savings Plan?

   Employees can enroll in the Eversource Energy 401(k) Savings Plan through the company's benefits portal or by contacting the HR department for assistance.

   What is the employer match for the Eversource Energy 401(k) Savings Plan?

   Eversource Energy offers a competitive employer match to encourage employee participation in the 401(k) Savings Plan. Specific matching contributions can vary, so it's best to check the plan documentation for details.

   Can I change my contribution rate to the Eversource Energy 401(k) Savings Plan?

   Yes, employees can change their contribution rate to the Eversource Energy 401(k) Savings Plan at any time through the benefits portal or by contacting HR.

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

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

   Is there a vesting schedule for the Eversource Energy 401(k) Savings Plan?

   Yes, the Eversource Energy 401(k) Savings Plan has a vesting schedule for employer contributions. Employees should refer to the plan documents for specific details on the vesting timeline.

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

   If you leave Eversource Energy, you have several options regarding your 401(k) Savings Plan, including rolling over your balance to another retirement account, cashing out, or leaving it in the plan if permitted.

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

   Yes, Eversource Energy allows employees to take loans from their 401(k) Savings Plan, subject to certain conditions and limits. Employees should review the plan's loan policy for more information.

   Are there hardship withdrawals available in the Eversource Energy 401(k) Savings Plan?

   Yes, Eversource Energy permits hardship withdrawals from the 401(k) Savings Plan under specific circumstances. Employees must meet certain criteria to qualify for a hardship withdrawal.

   How often can I review my Eversource Energy 401(k) Savings Plan statements?

   Employees can review their Eversource Energy 401(k) Savings Plan statements quarterly, and they can also access their account information online at any time.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Eversource Energy offers comprehensive employee pension and 401(k) plans for its employees, focusing on both financial security and long-term retirement benefits. Eversource Energy's pension plan is accessible through their PensionConnect platform. Employees participating in the Eversource Pension Plan can manage their accounts via the platform, which has been updated with enhanced security since January 2019​ (EHR.com). In addition to the pension plan, Eversource Energy offers a 401(k) plan, which includes a 100% match on the first 3% of employee contributions. An additional employer contribution, known as KVantage, is based on both the employee's age and years of service, and ranges from 2.5% to 6.5%. For employees over the age of 40, the MedVantage program provides an annual $1,000 contribution to a Health Reimbursement Account (HRA) for post-employment medical expenses
   Restructuring Layoffs: Eversource has not announced any significant layoffs in 2023-2024, but the company remains vigilant in its operational adjustments to align with market conditions. Given the ongoing economic uncertainties, it's important for employees and stakeholders to stay informed about potential restructuring efforts that could impact job security and overall company strategy.
   Eversource Energy provides its employees with both stock options and Restricted Stock Units (RSUs) as part of their compensation packages. The specific stock options and RSUs available at Eversource Energy are designed to align employee interests with those of shareholders, incentivizing long-term company performance. The stock options granted by Eversource Energy typically include the right to purchase company stock at a predetermined price, often based on the market value at the time of the grant. Employees generally must meet certain vesting conditions, such as continued employment over a specified period, to exercise these options. RSUs, on the other hand, are company shares granted to employees, which also vest over time. Once vested, the RSUs are converted into actual shares of Eversource Energy stock, which the employee can then hold or sell. As of 2022, 2023, and 2024, these stock options and RSUs have been made available to a broad range of employees within the company, primarily focusing on executive-level staff and those in key positions critical to the company's success. The specific eligibility criteria, vesting schedules, and grant amounts vary based on the employee's role and performance.
   Eversource Energy offers a comprehensive set of health benefits designed to support the well-being of its employees. The company's health benefits for the years 2022, 2023, and 2024 include a variety of plans such as medical, prescription, dental, and vision coverage. Employees have access to Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), which allow them to manage healthcare expenses with tax advantages. Eversource is also known for its wellness program, which incentivizes employees and their spouses to adopt and maintain healthy lifestyles. The program includes access to wellness resources, often powered by platforms like Virgin Pulse, and offers rewards for participation in health-related activities. Additionally, Eversource has specific provisions for employees facing serious health conditions. For instance, the company offers protections against service shut-offs for households with members facing life-threatening conditions or serious illnesses. These protections extend through specific periods and require certification from a medical professional.