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

Healthcare Provider Update: Healthcare Provider for Ingredion For Ingredion, the primary healthcare provider facilitating health benefits for employees is generally expected to be a major national health insurer. While specific details can vary by location and employee plan selection, Ingredion typically partners with prominent insurers like UnitedHealthcare, Anthem (Elevance Health), or Cigna. Employees should review their specific benefits documentation to confirm the insurer applicable to their individual or family healthcare plans. Potential Healthcare Cost Increases in 2026 As we look toward 2026, Ingredion employees may face significant healthcare cost increases stemming from rising premiums in the ACA marketplace. Notably, with many states anticipating premium hikes exceeding 60%, employees could feel the pinch as employers may adjust benefit structures, shifting more costs onto them. The expiration of enhanced federal subsidies may further amplify these financial burdens, with up to 92% of ACA enrollees potentially experiencing out-of-pocket premium increases exceeding 75%. Given the upward trend in medical costs driven by pharmaceutical expenses and healthcare service inflation, it is vital for employees to proactively plan for these anticipated changes in their healthcare expenditures. Click here to learn more

For example, Ingredion 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 Ingredion 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 Ingredion 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 Ingredion employees.

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

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 Ingredion 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, Ingredion 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. 'Ingredion 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 401k plan offered by Ingredion?

   The 401k plan offered by Ingredion is a retirement savings plan that allows employees to save a portion of their earnings on a tax-deferred basis.

   How does Ingredion match employee contributions to the 401k plan?

   Ingredion matches employee contributions to the 401k plan up to a certain percentage, helping employees maximize their retirement savings.

   Can employees of Ingredion choose how their 401k contributions are invested?

   Yes, employees of Ingredion can choose from a variety of investment options within the 401k plan to align with their retirement goals.

   What is the eligibility requirement for Ingredion's 401k plan?

   To be eligible for Ingredion's 401k plan, employees typically need to meet specific criteria such as age and length of service.

   When can employees of Ingredion enroll in the 401k plan?

   Employees of Ingredion can enroll in the 401k plan during the initial enrollment period or during open enrollment periods as specified by the company.

   How can Ingredion employees change their 401k contribution amount?

   Ingredion employees can change their 401k contribution amount by submitting a request through the company’s HR portal or by contacting the HR department.

   Does Ingredion offer a loan option against the 401k savings plan?

   Yes, Ingredion does offer a loan option against the 401k savings plan, allowing employees to borrow from their savings under certain conditions.

   What happens to my 401k savings if I leave Ingredion?

   If you leave Ingredion, you have several options for your 401k savings, including rolling it over to another retirement account or cashing it out, subject to taxes and penalties.

   Are there any fees associated with Ingredion's 401k plan?

   Yes, there may be administrative fees associated with Ingredion's 401k plan, which are disclosed in the plan documents provided to employees.

   Can Ingredion employees access their 401k funds while still employed?

   Generally, Ingredion employees cannot access their 401k funds while still employed, except through loans or hardship withdrawals as permitted by the plan.

   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 Details: Look for the specific name of Ingredion's pension plan. Check eligibility criteria such as years of service and age requirements. 401(k) Plan Details: Identify the name of Ingredion's 401(k) plan. Check who qualifies for the 401(k) plan.
   Restructuring and Layoffs: In early 2024, Ingredion announced a significant restructuring plan to streamline operations and reduce costs. This includes a reduction of approximately 200 positions globally as part of their strategic realignment to focus on core businesses. The decision is driven by the need to adapt to changing market conditions and enhance operational efficiency. This move reflects broader industry trends of companies optimizing their workforce amidst economic uncertainties. Benefit and Pension Changes: Ingredion is also revising its employee benefits package, including adjustments to its pension plan and 401(k) offerings. The company is shifting from a defined benefit pension plan to a defined contribution plan, impacting employees’ retirement savings and planning. Additionally, changes to the 401(k) plan will involve adjustments in matching contributions and investment options. This is crucial for employees to understand as it directly affects their retirement readiness and financial planning. Given the current economic, investment, tax, and political environment, these changes necessitate careful attention and adjustment to individual retirement strategies.
   Ingredion provides stock options to select employees as part of their compensation plan. The company uses the acronym "ISO" for Incentive Stock Options and "NSO" for Non-Qualified Stock Options. Stock options are typically granted to executives and senior management. RSUs Ingredion grants RSUs to executives and other high-level employees. The acronym "RSU" stands for Restricted Stock Units. RSUs are part of Ingredion’s long-term incentive plan and vest over a period of time, often contingent on performance or continued employment.
   2022 Report: The annual report mentions a focus on maintaining competitive benefits to attract and retain top talent, with specific attention to healthcare and wellness programs. 2023 Report: Details include enhanced telehealth services and expanded mental health support as part of their benefits package. 2024 Report: Highlights ongoing improvements in health benefits, particularly in response to employee feedback and market trends.