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

Healthcare Provider Update: Healthcare Provider for Ovintiv Ovintiv utilizes several healthcare providers for its employees' health coverage, with a primary focus on large national insurers. Notable among these are UnitedHealthcare and Anthem, which are typically selected to offer comprehensive healthcare plans that cover a wide array of services including preventive care, emergency services, and specialty medications. Healthcare Cost Increases in 2026 In 2026, Ovintiv employees may face substantial increases in healthcare costs, primarily due to anticipated hikes in Affordable Care Act (ACA) market premiums, which are expected to rise by as much as 66% in some states. The projected expiration of enhanced federal premium subsidies, coupled with a medical cost inflation rate that surpasses general inflation, is likely to significantly increase out-of-pocket expenses. As a result, employees should proactively review their health benefits and consider strategic adjustments to mitigate the impact of these rising costs. Click here to learn more

For example, Ovintiv 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 Ovintiv 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 Ovintiv 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 Ovintiv employees.

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

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

   Ovintiv offers a 401(k) retirement savings plan to help employees save for their future.

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

   Ovintiv employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

   Does Ovintiv provide a company match for the 401(k) contributions?

   Yes, Ovintiv provides a company match for employee contributions to the 401(k) plan, subject to specific terms and conditions.

   What is the maximum contribution limit for Ovintiv employees participating in the 401(k) plan?

   The maximum contribution limit for Ovintiv employees is in line with IRS guidelines, which may change annually. Employees should check the latest IRS limits for accuracy.

   Can Ovintiv employees change their contribution percentage at any time?

   Yes, Ovintiv employees can change their contribution percentage at any time, typically through the HR portal or by contacting HR.

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

   Ovintiv’s 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

   Is there a vesting schedule for the company match in Ovintiv's 401(k) plan?

   Yes, Ovintiv has a vesting schedule for the company match, which means employees must work for the company for a certain period before they fully own the matched contributions.

   How can Ovintiv employees access their 401(k) account information?

   Ovintiv employees can access their 401(k) account information online through the plan’s designated website or by contacting the plan administrator.

   Does Ovintiv allow for loans against the 401(k) account?

   Yes, Ovintiv may allow employees to take loans against their 401(k) account, subject to the plan’s specific terms and conditions.

   What happens to an Ovintiv employee's 401(k) account if they leave the company?

   If an Ovintiv employee leaves the company, they have several options for their 401(k) account, including rolling it over to another retirement account or leaving it with Ovintiv.