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

Healthcare Provider Update: Healthcare Provider for Newmont Corporation Newmont Corporation typically offers healthcare benefits through various insurance options for its employees, primarily utilizing the services of major health insurers like UnitedHealthcare and Anthem Blue Cross Blue Shield (BCBS), depending on the geographical locations of their operations. As a large mining company, Newmont is committed to providing comprehensive health coverage, which likely includes various plans that are tailored to meet the needs of its diverse workforce. Potential Healthcare Cost Increases in 2026 As the healthcare landscape shifts towards significant premium hikes in 2026, Newmont Corporation may face compounded pressures from rising costs. With the Affordable Care Act (ACA) premium increases projected to exceed 60% in some states, many employees could see their out-of-pocket costs soar dramatically-potentially by over 75%-if enhanced federal premium subsidies expire as anticipated. This combination of escalating medical costs and the threat of reduced subsidies poses a considerable challenge for employers like Newmont, who might need to navigate these complexities to maintain access to affordable healthcare for their workforce. Click here to learn more

For example, Newmont 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 Newmont 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 Newmont 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 Newmont employees.

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

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 Newmont 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, Newmont 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. 'Newmont 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 401(k) plan offered by Newmont?

   Newmont offers a 401(k) plan that allows employees to save for retirement by contributing a portion of their paycheck before taxes are taken out.

   How does Newmont match employee contributions to the 401(k) plan?

   Newmont provides a matching contribution to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.

   Can employees at Newmont change their 401(k) contribution amounts?

   Yes, employees at Newmont can change their 401(k) contribution amounts at any time, subject to the plan's rules.

   What investment options are available in Newmont’s 401(k) plan?

   Newmont’s 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

   When can Newmont employees start contributing to the 401(k) plan?

   Newmont employees can typically start contributing to the 401(k) plan after completing a specified period of employment, often within their first month.

   Does Newmont allow for loans against the 401(k) plan?

   Yes, Newmont allows employees to take loans against their 401(k) balance under certain conditions, as outlined in the plan documents.

   What happens to my 401(k) account if I leave Newmont?

   If you leave Newmont, you can choose to leave your 401(k) account with the company, roll it over to another retirement account, or cash it out, subject to taxes and penalties.

   How does Newmont inform employees about their 401(k) plan options?

   Newmont provides information about the 401(k) plan through employee orientation, benefit guides, and online resources available on the company’s intranet.

   Is there a vesting schedule for Newmont's 401(k) matching contributions?

   Yes, Newmont has a vesting schedule for matching contributions, meaning employees must work for a certain period to fully own the matching funds.

   Can Newmont employees access their 401(k) funds while still employed?

   Generally, Newmont employees cannot access their 401(k) 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.
   Name of Pension Plan: Newmont Pension Plan Years of Service Requirement: 5 years of service required for eligibility. Age Qualification: Participants must be at least 55 years old to begin receiving benefits, with eligibility to retire at age 65. Pension Formula: The pension is calculated based on a formula that considers the average salary during the highest-paid years of service and years of service. Name of 401(k) Plan: Newmont 401(k) Retirement Savings Plan Eligibility Criteria: Employees are eligible to participate in the 401(k) plan after 30 days of employment.
   Restructuring and Layoffs: Newmont Mining Corporation announced a significant restructuring plan in early 2024. The company is streamlining its operations and has decided to reduce its workforce by approximately 10% to enhance efficiency and cut costs. This move comes as part of a broader strategy to adapt to fluctuating gold prices and increasing operational costs. Given the current economic climate, where inflation and market volatility impact resource extraction industries, this restructuring is crucial for maintaining financial stability and competitiveness.
   Newmont Corporation offers stock options and RSUs as part of its employee compensation package. For 2022, Newmont granted RSUs to senior executives and key employees, which are subject to performance and time-based vesting criteria. The stock options at Newmont are typically granted with a 10-year term and vest over a period of 3 to 5 years.
   Benefits Overview: Newmont’s official website provides details about their employee benefits, including health insurance, wellness programs, and retirement plans. Health Benefits: Typically include medical, dental, and vision coverage, with options for health savings accounts (HSAs) or flexible spending accounts (FSAs). Newmont often emphasizes wellness initiatives and employee support programs. Acronyms: HSAs (Health Savings Accounts), FSAs (Flexible Spending Accounts), EAP (Employee Assistance Program)