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

Healthcare Provider Update: For Genesco, the healthcare provider is primarily through Aetna, which is part of CVS Health and provides a range of health insurance plans and services tailored to meet the needs of Genesco employees and their families. In 2026, the healthcare landscape could see significant challenges for Genesco due to anticipated insurance premium hikes driven by multiple factors. With the potential expiration of enhanced federal subsidies for Affordable Care Act (ACA) plans, over 22 million Americans could face out-of-pocket premium increases of more than 75%. In addition, rising medical costs, including hospital and prescription drug prices, are expected to further burden employees, potentially leading Genesco to reconsider its benefits strategy, such as shifting more costs onto workers to mitigate rising expenditures. These cumulative factors suggest a critical need for strategic planning in navigating the financial impact of healthcare in the coming year. Click here to learn more

For example, Genesco 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 Genesco 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 Genesco 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 Genesco employees.

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

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 Genesco 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, Genesco 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. 'Genesco 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 Genesco's 401(k) Savings Plan?

   The primary purpose of Genesco's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to set aside money.

   How can Genesco employees enroll in the 401(k) Savings Plan?

   Genesco employees can enroll in the 401(k) Savings Plan by completing the enrollment process through the company's designated benefits portal.

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

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

   What types of investment options are available in Genesco's 401(k) Savings Plan?

   Genesco's 401(k) Savings Plan typically includes a variety of investment options, such as mutual funds, target-date funds, and other investment vehicles.

   Can Genesco employees change their contribution percentage to the 401(k) Savings Plan?

   Yes, Genesco employees can change their contribution percentage to the 401(k) Savings Plan at any time, subject to certain guidelines.

   What is the minimum age requirement for Genesco employees to participate in the 401(k) Savings Plan?

   Genesco employees must be at least 21 years old to participate in the 401(k) Savings Plan.

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

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

   How often can Genesco employees access their 401(k) account statements?

   Genesco employees can access their 401(k) account statements quarterly through the benefits portal.

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

   If Genesco employees leave the company, they can roll over their 401(k) savings into another qualified retirement account or withdraw the funds, subject to tax implications.

   Does Genesco allow for loans against the 401(k) Savings Plan?

   Yes, Genesco allows employees to take loans against their 401(k) Savings Plan balance, subject to specific terms and conditions.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Genesco offers its employees both a 401(k) plan and a pension plan to support their financial future. The company provides a matching contribution for the 401(k), with eligible employees receiving a match of $1 for every $1 contributed up to 3%, and an additional $0.50 for every $1 contributed on the next 2% of salary. This creates a significant incentive for employees to maximize their savings within the plan. The company offers several investment options for employees to allocate their funds. In terms of the pension plan, the Genesco Master Plan has been structured to provide long-term benefits for employees who meet specific age and service requirements. Eligibility typically involves full-time employees who have completed a certain number of years of service, though exact details of the formula and qualifying criteria may vary depending on the employee's role and hire date​
   Restructuring and Layoffs: In early 2024, Genesco announced a significant restructuring plan involving the closure of several retail locations and a reduction of their workforce by approximately 10%. This move is part of their strategy to streamline operations and improve financial performance amidst a challenging retail environment.
   Genesco provides stock options and RSUs primarily to its executives and key employees. The stock options are granted with an exercise price equal to the market price on the grant date, while RSUs vest over four years. Genesco's RSUs and stock options are designed to reward long-term performance and retention.
   Benefits Overview: Genesco’s official website provides an overview of their employee benefits, including healthcare coverage. Check the company’s careers or benefits section for detailed information on health plans, coverage options, and employee resources. Healthcare Terms: Look for specific terms like PPO (Preferred Provider Organization), HMO (Health Maintenance Organization), FSA (Flexible Spending Account), and HRA (Health Reimbursement Account). Glassdoor Employee Reviews: Employees often share insights about their healthcare benefits on Glassdoor. Look for reviews mentioning health insurance plans, deductibles, and employee satisfaction with the benefits package. Healthcare News: Check for any recent changes or updates in the benefits package as mentioned by current or former employees. Indeed Company Reviews: Indeed provides reviews from employees that might include information on health benefits. Look for specific mentions of health insurance options, provider networks, and employee feedback. Benefits Information: Sometimes, benefits information is summarized in company reviews or Q&A sections. LinkedIn