What Global Payments Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Global Payments Global Payments, a prominent payment technology and software solutions provider, collaborates with various insurance providers to offer healthcare benefits to its employees. While specific healthcare providers may vary by region and plan, large insurers like Anthem and UnitedHealthcare are commonly associated with companies of this size, offering employer-sponsored health coverage options. Potential Healthcare Cost Increases in 2026 As we look toward 2026, employees of Global Payments may face significant increases in healthcare costs. A projected wave of premium hikes could see rates exceed 60% in some states, severely impacting out-of-pocket expenses. With many employers eyeing strategies to offset rising expenses, such as increasing deductibles and out-of-pocket maximums, employees must prepare for a potential financial strain. A recent study indicates that over 51% of large companies plan to shift more healthcare costs onto their workforce, coupled with the expiration of enhanced federal subsidies, which might ultimately leave employees with thousands in additional costs for same or lesser coverage. Careful planning and early decision-making regarding benefits will be crucial for navigating these changes effectively. Click here to learn more

For example, Global Payments 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 Global Payments 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 Global Payments 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 Global Payments employees.

Simply for political, economic, and social reasons, many Global Payments 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 Global Payments.

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 Global Payments 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, Global Payments 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. 'Global Payments 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 type of retirement savings plan does Global Payments offer to its employees?

   Global Payments offers a 401(k) retirement savings plan to help employees save for their future.

   Does Global Payments match employee contributions to the 401(k) plan?

   Yes, Global Payments provides a matching contribution to employee 401(k) accounts, subject to certain terms and conditions.

   What is the eligibility requirement for Global Payments employees to participate in the 401(k) plan?

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

   Can Global Payments employees choose how their 401(k) contributions are invested?

   Yes, Global Payments employees can choose from a variety of investment options within the 401(k) plan to align with their personal financial goals.

   What is the maximum contribution limit for the Global Payments 401(k) plan?

   The maximum contribution limit for the Global Payments 401(k) plan is subject to IRS annual limits, which can change each year.

   How often can Global Payments employees change their contribution amounts to the 401(k) plan?

   Global Payments employees can typically change their contribution amounts at any time, allowing for flexibility in their savings strategy.

   Does Global Payments allow for loans against the 401(k) plan?

   Yes, Global Payments may allow employees to take loans against their 401(k) balance, subject to the plan's terms and conditions.

   What happens to my Global Payments 401(k) if I leave the company?

   If you leave Global Payments, you can choose to roll over your 401(k) balance to another retirement account, leave it in the plan, or withdraw it, subject to tax implications.

   Is there a vesting schedule for the Global Payments 401(k) matching contributions?

   Yes, Global Payments has a vesting schedule for matching contributions, which means you earn rights to the employer match over time.

   Can I access my Global Payments 401(k) funds before retirement?

   While accessing your Global Payments 401(k) funds before retirement is generally discouraged, there are certain circumstances, such as financial hardship, that may allow for early withdrawals.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Pension Plan Information: Name of Pension Plan: Global Payments does not offer a traditional defined benefit pension plan as of the latest information. Instead, their retirement benefits are provided through a defined contribution plan. Years of Service and Age Qualification: Since there is no traditional pension plan, there are no specific years of service or age qualifications for a pension plan. Pension Formula: Not applicable due to the absence of a defined benefit pension plan. Source: Information about the absence of a traditional pension plan is available in the Global Payments 2023 Form 10-K, page 51. 401(k) Plan Information: Name of 401(k) Plan: Global Payments 401(k) Plan Qualification for 401(k) Plan: Employees are eligible to participate in the Global Payments 401(k) Plan after completing 30 days of service. 401(k) Plan Features: Contribution Limits: Employees can contribute up to the IRS annual limit. Company Match: Global Payments matches employee contributions up to a certain percentage, typically a percentage of the employee's salary.
   Restructuring & Layoffs: In early 2024, Global Payments announced a restructuring plan aimed at streamlining operations and reducing costs. This move included the layoff of approximately 5% of its workforce, primarily affecting roles in administrative and support functions. The company cited the need to adapt to shifting market conditions and enhance operational efficiency as the primary reasons for this decision. Benefit Changes: Alongside the restructuring, Global Payments updated its employee benefits package. Changes included adjustments to healthcare plans and a reduction in retirement benefits contributions. The company stated that these modifications were necessary to maintain competitive positioning and financial stability in the face of economic uncertainties and evolving market dynamics.
   Search for stock option and RSU information on Global Payments for 2022, 2023, and 2024: Look for annual reports, financial statements, and SEC filings. Identify the acronyms used for stock options and RSUs. Note who is eligible to receive stock options and RSUs at Global Payments. Document the source and page number of the information: Record the URL and specific page number from the documents where the information is located. Summarize the findings:
   Check Global Payments’ official website for the most accurate and detailed information on their health benefits. Corporate Benefits Pages: Look for specific pages dedicated to employee benefits or healthcare plans on the company's site. News Websites: Search for recent news articles related to Global Payments' healthcare benefits or changes to their employee health plans. Industry Reports: Review industry reports or analysis for any insights into Global Payments' health benefits strategy. Employee Reviews and Forums: Check sites like Glassdoor or Indeed for employee feedback on the company's health benefits.