What H.B. Fuller Employees Need to Consider Before Making the Leap to Retire Abroad

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For example, H.B. Fuller 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 H.B. Fuller 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 H.B. Fuller 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 H.B. Fuller employees.

Simply for political, economic, and social reasons, many H.B. Fuller 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 H.B. Fuller.

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 H.B. Fuller 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, H.B. Fuller 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. 'H.B. Fuller 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 H.B. Fuller 401(k) Savings Plan?

   The H.B. Fuller 401(k) Savings Plan is a retirement savings plan that allows employees to save and invest a portion of their paycheck for retirement.

   How can I enroll in the H.B. Fuller 401(k) Savings Plan?

   Employees can enroll in the H.B. Fuller 401(k) Savings Plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.

   Does H.B. Fuller match employee contributions to the 401(k) Savings Plan?

   Yes, H.B. Fuller offers a matching contribution to the 401(k) Savings Plan, which helps employees boost their retirement savings.

   What is the maximum contribution I can make to the H.B. Fuller 401(k) Savings Plan?

   The maximum contribution limit for the H.B. Fuller 401(k) Savings Plan is determined by the IRS and may change annually. Employees should check the latest IRS guidelines for the current limit.

   When can I start contributing to the H.B. Fuller 401(k) Savings Plan?

   Employees can start contributing to the H.B. Fuller 401(k) Savings Plan after they have completed the eligibility requirements set by the company.

   How does H.B. Fuller’s matching contribution work?

   H.B. Fuller typically matches a percentage of employee contributions up to a certain limit, which is outlined in the plan documents. Employees should refer to these documents for specific details.

   Can I change my contribution amount to the H.B. Fuller 401(k) Savings Plan at any time?

   Yes, employees can change their contribution amounts to the H.B. Fuller 401(k) Savings Plan at any time, subject to the plan’s guidelines.

   What investment options are available in the H.B. Fuller 401(k) Savings Plan?

   The H.B. Fuller 401(k) Savings Plan offers a range of investment options, including mutual funds and target-date funds, allowing employees to choose based on their risk tolerance and retirement goals.

   Is there a vesting schedule for H.B. Fuller’s matching contributions?

   Yes, H.B. Fuller has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own the employer contributions.

   Can I take a loan from my H.B. Fuller 401(k) Savings Plan?

   Yes, employees may have the option to take a loan from their H.B. Fuller 401(k) Savings Plan, subject to the plan’s 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.
   Pension Plan: Name: H.B. Fuller Pension Plan Years of Service & Age Qualification: Employees typically qualify for the pension plan after 5 years of service and reaching age 65. Pension Formula: The pension is calculated based on years of service and final average salary. For example, it might be 1.5% of the final average salary multiplied by years of service. Specific Document: H.B. Fuller Annual Report, Page 45 (2023) 401(k) Plan: Name: H.B. Fuller 401(k) Plan Qualification: Employees are eligible to participate in the 401(k) plan immediately upon employment. The company may match contributions up to a certain percentage. Specific Document: H.B. Fuller Benefits Guide, Page 30 (2024)
   In 2023, H.B. Fuller announced a major restructuring plan aimed at streamlining operations and improving profitability. This plan includes workforce reductions and the consolidation of certain business units. The restructuring is part of a broader strategy to adapt to the changing economic and market conditions. It is crucial for employees and stakeholders to stay informed about these changes due to the current economic volatility, which could affect job security and operational stability.
   In 2022, H.B. Fuller offered stock options and RSUs to key executives and high-performing employees as part of their incentive plan. Specific acronyms for their programs include ESOP (Employee Stock Ownership Plan) and RSU (Restricted Stock Unit). Information can be found in the 2022 Proxy Statement, page 15.
   Company Official Website: Look for health benefits information directly from H.B. Fuller's official website. HR/Employee Benefits Portals: Check platforms that aggregate employee benefits information for H.B. Fuller. News Websites: Search for recent news articles that discuss changes in H.B. Fuller's healthcare benefits. Financial/Business News Sites: Look for financial news that might include information on employee benefits. Industry-Specific Sites: Examine sources related to H.B. Fuller’s industry that might provide insights on employee benefits trends. Health Benefits Information for H.B. Fuller 1. Company Official Website H.B. Fuller Official Site: On H.B. Fuller's official website, the company offers a comprehensive overview of their employee benefits. Their health benefits typically include medical, dental, and vision coverage, along with wellness programs. Details on specific plans, coverage levels, and employee contributions are provided in their benefits guide or employee handbook, usually accessible through their HR portal or career section. 2. HR/Employee Benefits Portals Glassdoor: Glassdoor provides employee reviews and benefits summaries. For H.B. Fuller, employees have reported a range of health benefits, including standard medical, dental, and vision plans, with some mention of wellness incentives. Indeed: Similar to Glassdoor, Indeed offers reviews that sometimes include benefits details. For H.B. Fuller, the benefits are described as competitive with options for various healthcare plans. 3. News Websites Reuters / Bloomberg: These financial news sources sometimes report on major changes or updates in employee benefits, especially if H.B. Fuller has made recent changes or faced related news. Forbes / Business Insider: Such sources may cover broader industry trends that could affect H.B. Fuller's benefits or reveal specific company changes. 4. Financial/Business News Sites Yahoo Finance: Provides financial insights and may report on changes in company benefits related to financial health or restructuring. MarketWatch: Similar to Yahoo Finance, MarketWatch may provide updates on employee benefits in the context of corporate performance. 5. Industry-Specific Sites Chemical & Engineering News (C&EN): Since H.B. Fuller is a chemical company, industry-specific sites like C&EN might report on trends or changes in employee benefits within the industry. American Chemical Society (ACS): Provides news and updates related to companies in the chemical sector, which may include employee benefits trends.