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

Healthcare Provider Update: Hillenbrand Healthcare Provider Overview: Hillenbrand, Inc., a global diversified industrial company headquartered in Batesville, Indiana, primarily functions in markets related to advanced funeral and cremation equipment, medical devices, and industrial process solutions. As of recent data, Hillenbrand does not specifically provide healthcare services or insurance directly but operates through significant subsidiaries in the healthcare sector, such as the medical equipment arm of its subsidiary, Batesville. Potential Healthcare Cost Increases in 2026: In 2026, healthcare costs are projected to surge significantly, primarily due to the looming expiration of enhanced federal premium subsidies under the Affordable Care Act (ACA). This situation could lead to a rise in out-of-pocket premiums by over 75% for nearly 22 million enrollees, pushing some states to see increases exceeding 60%. Factors such as escalating medical expenses and substantial insurer rate hikes are contributing to this unprecedented increase. This perfect storm of conditions may leave many individuals priced out of essential healthcare coverage, negatively impacting their financial stability and access to necessary medical services. Click here to learn more

For example, Hillenbrand 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 Hillenbrand 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 Hillenbrand 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 Hillenbrand employees.

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

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 Hillenbrand 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, Hillenbrand 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. 'Hillenbrand 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 Hillenbrand offer to its employees?

   Hillenbrand offers a 401(k) retirement savings plan to its employees.

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

   Employees at Hillenbrand can enroll in the 401(k) plan through the company’s HR portal during the open enrollment period or upon hire.

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

   Yes, Hillenbrand offers a matching contribution to employee 401(k) plan contributions, subject to certain limits.

   What is the maximum contribution limit for Hillenbrand's 401(k) plan?

   The maximum contribution limit for Hillenbrand's 401(k) plan aligns with IRS guidelines, which are updated annually.

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

   Yes, Hillenbrand allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

   What investment options are available in Hillenbrand's 401(k) plan?

   Hillenbrand's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.

   How often can employees at Hillenbrand change their 401(k) contribution amounts?

   Employees at Hillenbrand can change their 401(k) contribution amounts during open enrollment or after a qualifying life event.

   Does Hillenbrand provide financial education resources for employees regarding their 401(k)?

   Yes, Hillenbrand provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.

   What happens to my 401(k) plan if I leave Hillenbrand?

   If you leave Hillenbrand, you can choose to roll over your 401(k) balance to another qualified plan, cash out, or leave it in the Hillenbrand plan if eligible.

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

   Yes, there may be fees associated with managing the 401(k) plan, which are disclosed in the plan documents provided by Hillenbrand.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Name of Pension Plan: Hillenbrand does not appear to offer a traditional defined benefit pension plan. Instead, the company focuses on a 401(k) plan as the primary retirement benefit for employees. Qualifications (Years of Service and Age): Since Hillenbrand primarily offers a 401(k) plan, detailed qualifications for a traditional pension plan are not applicable. For the 401(k) plan, there are typically vesting schedules and eligibility requirements, but specifics on years of service and age requirements are usually detailed in the plan documentation provided by the company. 401(k) Plan Overview: Name of 401(k) Plan: Hillenbrand 401(k) Plan Qualifications (Years of Service and Age): Employees generally become eligible for the Hillenbrand 401(k) Plan upon reaching a certain period of service, which is often outlined in the plan document. Eligibility criteria typically include completing a probationary period, if applicable, and reaching a minimum age (usually 21). Plan Details: Contributions to the Hillenbrand 401(k) Plan are typically made via payroll deductions. The company may offer matching contributions up to a specified percentage
   Restructuring and Layoffs: In 2023, Hillenbrand undertook significant restructuring efforts to streamline its operations and improve efficiency. The company announced a reduction in its workforce as part of these efforts, impacting various departments. This move was aimed at adapting to changing market conditions and enhancing overall performance. It's crucial to follow these developments due to the current economic climate, which may influence investment decisions, tax implications, and political factors that could affect the company's future.
   Hillenbrand provided stock options and RSUs as part of their compensation packages for employees in 2022. Employees eligible for these incentives generally include executives and key personnel. Hillenbrand typically issues stock options and RSUs to attract and retain top talent and align employee interests with shareholder interests. Hillenbrand’s 2022 annual report (Page 35) details these incentives and eligibility criteria.
   Hillenbrand Benefits Overview: The official Hillenbrand website provides a comprehensive overview of their employee benefits. The company typically offers a range of health benefits including medical, dental, and vision insurance. Specific details for 2022-2024 may include plans such as High Deductible Health Plans (HDHPs) with Health Savings Accounts (HSAs) and traditional PPO plans. Healthcare Terms: Common acronyms and terms include HDHP (High Deductible Health Plan), PPO (Preferred Provider Organization), HSA (Health Savings Account), and FSA (Flexible Spending Account