What MDU Resources Group Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for MDU Resources Group MDU Resources Group, a utility and construction services company, primarily partners with various healthcare providers and insurance companies that serve its employees, including Blue Cross Blue Shield and UnitedHealthcare for healthcare coverage options. Brief Overview of Projected Healthcare Cost Increases in 2026 As we approach 2026, healthcare consumers face significant challenges as premiums for Affordable Care Act (ACA) marketplace plans are projected to rise sharply, with some states reporting increases exceeding 60%. The anticipated loss of enhanced federal premium subsidies coupled with escalating medical costs is creating a perfect storm for healthcare expenses. According to industry experts, without congressional action to extend these subsidies, over 22 million enrollees may experience out-of-pocket premium hikes of more than 75%, underscoring the need for proactive financial planning for healthcare in the coming year. The landscape suggests that the combination of heightened rates and diminished financial assistance could push many families toward more financial strain in 2026. Click here to learn more

For example, MDU Resources Group 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 MDU Resources Group 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 MDU Resources Group 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 MDU Resources Group employees.

Simply for political, economic, and social reasons, many MDU Resources Group 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 MDU Resources Group.

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 MDU Resources Group 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, MDU Resources Group 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. 'MDU Resources Group 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 types of retirement savings plans does MDU Resources Group offer?

   MDU Resources Group offers a 401(k) savings plan to help employees save for retirement.

   How can employees of MDU Resources Group enroll in the 401(k) plan?

   Employees can enroll in the MDU Resources Group 401(k) plan by visiting the company’s benefits portal or contacting the HR department for assistance.

   Does MDU Resources Group match employee contributions to the 401(k) plan?

   Yes, MDU Resources Group provides a matching contribution to the 401(k) plan, subject to certain limits.

   What is the maximum contribution limit for the MDU Resources Group 401(k) plan?

   The maximum contribution limit for the MDU Resources Group 401(k) plan is aligned with IRS guidelines, which may change annually.

   Can employees of MDU Resources Group take loans against their 401(k) savings?

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

   What investment options are available in the MDU Resources Group 401(k) plan?

   The MDU Resources Group 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.

   When can employees of MDU Resources Group start withdrawing from their 401(k) accounts?

   Employees can start withdrawing from their MDU Resources Group 401(k) accounts at age 59½, or earlier under certain circumstances.

   Is there a vesting schedule for the employer match in the MDU Resources Group 401(k) plan?

   Yes, MDU Resources Group has a vesting schedule for the employer match, which determines how much of the match employees are entitled to based on their years of service.

   How often can employees change their contribution amounts to the MDU Resources Group 401(k) plan?

   Employees of MDU Resources Group can change their contribution amounts on a quarterly basis or as specified in the plan documents.

   What happens to the 401(k) savings if an employee leaves MDU Resources Group?

   If an employee leaves MDU Resources Group, they can choose to roll over their 401(k) savings to another retirement account, cash out, or leave the funds in the MDU plan if eligible.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   MDU Resources Group Pension Plan Years of Service and Age Qualification: Generally, employees must have a minimum of 5 years of service to qualify for the pension plan. Age qualification usually begins at 55 for early retirement benefits. Pension Formula: The pension benefit is typically calculated based on a formula involving years of service and average salary. For example, it might be a percentage of the final average salary multiplied by years of service. Name of 401(k) Plan:MDU Resources Group 401(k) Plan Who Qualifies for the 401(k) Plan: Employees who meet eligibility requirements, which usually include being employed for a specific period or meeting age criteria, qualify for the 401(k) plan.
   Restructuring and Layoffs: In 2023, MDU Resources Group announced a strategic restructuring plan aimed at streamlining operations and enhancing efficiency. This plan included a workforce reduction, impacting several positions across different departments. The restructuring is part of a broader effort to realign the company's focus and improve its competitive position in the market. This news is important to address due to the ongoing economic uncertainty and evolving investment landscape. Investors and employees alike should stay informed about these changes as they may impact the company's performance and stability.
   MDU Resources Group offers stock options and RSUs as part of its compensation packages. For 2022, employees had access to a mix of stock options and RSUs, which were granted based on performance metrics and tenure.
   2022-2023: There may have been adjustments to the health plans in response to changing healthcare laws or employee feedback. Specific updates could include changes to premiums, deductibles, or the addition of new benefits. 2024: Recent news might cover enhancements in health benefits or responses to healthcare reforms. Look for any press releases or news articles regarding benefits changes, such as increased coverage or new wellness programs.