What Murphy USA Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Murphy USA: Murphy USA's healthcare provider network includes a variety of options, primarily focused on major insurance companies that offer group health insurance plans for its employees. The specific providers can vary over time and by location, but typically include carriers such as UnitedHealthcare, Cigna, and Blue Cross Blue Shield, among others. Potential Healthcare Cost Increases in 2026: As Murphy USA employees navigate the rising tide of healthcare costs, the looming increases for 2026 present significant challenges. With ACA marketplace premiums expected to surge by an average of 20%, many employees may face substantially higher out-of-pocket expenses. These increases are driven by multiple factors, including escalating medical costs, the potential loss of enhanced federal premium subsidies, and changing employer benefit structures aimed at managing expenses. Consequently, employees at Murphy USA are advised to closely review their health benefit options and prepare for a potential increase in their personal healthcare expenditures next year. Click here to learn more

For example, Murphy USA 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 Murphy USA 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 Murphy USA 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 Murphy USA employees.

Simply for political, economic, and social reasons, many Murphy USA 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 Murphy USA.

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 Murphy USA 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, Murphy USA 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. 'Murphy USA 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 purpose of the 401(k) plan at Murphy USA?

   The 401(k) plan at Murphy USA is designed to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.

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

   Employees at Murphy USA can enroll in the 401(k) plan through the company’s benefits portal during the open enrollment period or upon their hire date.

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

   Yes, Murphy USA offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

   What is the maximum contribution limit for the 401(k) plan at Murphy USA?

   The maximum contribution limit for the 401(k) plan at Murphy USA follows the IRS guidelines, which are updated annually. Employees should check the current limits for the year.

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

   Yes, Murphy USA allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

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

   Murphy USA's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

   How often can employees at Murphy USA change their 401(k) contributions?

   Employees at Murphy USA can change their 401(k) contributions at any time, subject to the plan's rules and guidelines.

   Is there a vesting schedule for the employer match in Murphy USA's 401(k) plan?

   Yes, Murphy USA has a vesting schedule for the employer match, which determines how much of the matched contributions employees are entitled to based on their years of service.

   Can employees at Murphy USA access their 401(k) funds before retirement?

   Employees at Murphy USA may access their 401(k) funds before retirement under certain circumstances, such as hardship withdrawals or after reaching a specific age.

   What happens to the 401(k) plan if an employee leaves Murphy USA?

   If an employee leaves Murphy USA, they have several options regarding their 401(k) plan, including rolling it over to another qualified plan, cashing it out, or leaving it with Murphy USA.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
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   Restructuring and Layoffs: In 2023, Murphy USA announced a restructuring plan aimed at improving operational efficiency. This included some layoffs, particularly in non-core business units. The company cited the need to streamline operations and enhance profitability amidst a challenging economic climate. This restructuring is significant as it reflects broader trends in the industry where companies are adapting to economic uncertainties and competitive pressures. It is crucial to follow these changes due to their potential impact on employee benefits and organizational stability.
   Murphy USA offered stock options and RSUs primarily to senior executives and certain key employees. These incentives were designed to align interests with shareholders and reward long-term performance. For specific details on stock options and RSUs, refer to Murphy USA’s 2022 Proxy Statement, Page 25.
   Health Benefits Overview: Murphy USA offers a range of health benefits including medical, dental, and vision insurance. The plans are typically administered through major insurance carriers, providing various coverage levels. Healthcare Terms: Common terms include PPO (Preferred Provider Organization), HSA (Health Savings Account), and FSA (Flexible Spending Account).