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

Healthcare Provider Update: Healthcare Provider for Fiserv: Fiserv is engaging in the healthcare sector through its Clover platform, which is set to launch PracticePay in early 2026. This service aims to cater specifically to small and medium-sized healthcare providers, partnering with Rectangle Health to offer tailored payment solutions that comply with healthcare regulations. Potential Healthcare Cost Increases in 2026: As 2026 approaches, healthcare costs are expected to surge sharply, driven by multiple economic pressures. Insurers anticipate an average increase of 7.5% to 8.5% in individual and group medical costs, attributed to rising medical service expenses, labor shortages, and the potential termination of enhanced federal premium subsidies. Without intervention, many individuals enrolled in ACA plans may face premium hikes exceeding 75%, significantly affecting their out-of-pocket healthcare expenses and access to affordable coverage as we enter this challenging financial landscape. Click here to learn more

For example, Fiserv 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 Fiserv 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 Fiserv 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 Fiserv employees.

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

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 Fiserv 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, Fiserv 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. 'Fiserv 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 primary purpose of Fiserv's 401(k) plan?

   The primary purpose of Fiserv's 401(k) plan is to help employees save for retirement by providing a tax-advantaged savings vehicle.

   How can Fiserv employees enroll in the 401(k) plan?

   Fiserv employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

   Does Fiserv offer matching contributions to its 401(k) plan?

   Yes, Fiserv offers matching contributions to its 401(k) plan, which helps employees increase their retirement savings.

   What types of investment options are available in Fiserv's 401(k) plan?

   Fiserv's 401(k) plan typically offers a range of investment options, including mutual funds, target-date funds, and company stock.

   What is the vesting schedule for Fiserv's 401(k) matching contributions?

   The vesting schedule for Fiserv's 401(k) matching contributions may vary, so employees should refer to the plan documents for specific details.

   Can Fiserv employees take loans against their 401(k) savings?

   Yes, Fiserv employees may have the option to take loans against their 401(k) savings, subject to the plan's terms and conditions.

   What is the minimum contribution percentage for Fiserv employees participating in the 401(k) plan?

   The minimum contribution percentage for Fiserv employees is typically set at 1%, but employees are encouraged to contribute more to maximize their savings.

   Are there any fees associated with Fiserv's 401(k) plan?

   Yes, there may be fees associated with Fiserv's 401(k) plan, including administrative fees and investment management fees, which are disclosed in the plan documents.

   How often can Fiserv employees change their contribution amounts?

   Fiserv employees can change their contribution amounts at any time, subject to the plan's guidelines.

   What happens to Fiserv employees' 401(k) savings if they leave the company?

   If Fiserv employees leave the company, they can roll over their 401(k) savings to another retirement account, withdraw the funds, or leave the savings in the Fiserv plan if allowed.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Fiserv offers a comprehensive retirement program for its employees, which includes both a 401(k) plan and a pension plan. The 401(k) plan allows employees to contribute on a pre-tax basis, or on a post-tax basis through the Roth 401(k) feature. Fiserv matches 100% of the first 1% of an employee's contribution, and 50% of the next 4% of eligible compensation, providing a potential match up to 3%​ (Working at Fiserv, Inc.). This 401(k) plan, named the Fiserv Employee Savings Plan, is administered through Vanguard​ (Working at Fiserv, Inc.). In addition to the 401(k), Fiserv also offers a defined benefit pension plan for long-serving employees, depending on their hire date​ (Working at Fiserv, Inc.). This plan typically includes employees who were part of First Data Corporation before its acquisition by Fiserv. The pension plan's eligibility criteria involve a combination of years of service and age qualification; typically, employees need at least five years of service and must be of retirement age, which is usually defined as 65​ (Working at Fiserv, Inc.). However, specific details regarding the pension formula and years of service requirements were not explicitly stated on the documents accessed.
   Restructuring and Layoffs: In early 2024, Fiserv announced a significant restructuring plan, which included a workforce reduction affecting approximately 5% of its global employees. This move was part of a broader effort to streamline operations and focus on core business areas amid challenging economic conditions. The decision to reduce the workforce reflects the company's strategy to adapt to shifting market demands and improve operational efficiency.
   Fiserv provides stock options and RSUs as part of its compensation package. Fiserv issues stock options under the acronym SO and RSUs under the acronym RSU. In 2022, 2023, and 2024, Fiserv employees, especially executives and key personnel, are eligible for these benefits. The specifics are detailed in the company's compensation sections of annual reports.
   Fiserv Health Benefits Overview 1. Official Fiserv Website: Health Insurance: Fiserv provides a range of health insurance options, including medical, dental, and vision plans. These options include PPO (Preferred Provider Organization) and HDHP (High Deductible Health Plan) plans. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs): Available for employees to save on out-of-pocket expenses. Wellness Programs: Includes resources for mental health support, fitness programs, and preventive health services. 2. Glassdoor: Employee Reviews: Employees appreciate the comprehensive benefits package which includes a range of health insurance plans and wellness incentives. Some have noted that while the benefits are robust, they may come with high deductibles depending on the plan chosen. 3. Indeed: Health Benefits: Reviews indicate that Fiserv’s health benefits are competitive, offering multiple plan choices with various coverage levels. Employees also mention access to telemedicine services as a plus. 4. LinkedIn: Benefits Overview: Includes detailed information on Fiserv’s health benefits such as medical, dental, and vision plans. Also highlights their emphasis on work-life balance and employee wellness programs.