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

Healthcare Provider Update: Healthcare Provider for PVH PVH Corp., known for its popular brands such as Calvin Klein and Tommy Hilfiger, typically utilizes a range of healthcare providers for its employees. These may include major health insurance carriers like UnitedHealthcare, Aetna, and Cigna, depending on the specific needs and regional availability of services. The exact provider can vary based on employee location and plan options. Potential Healthcare Cost Increases in 2026 for PVH As healthcare premiums are anticipated to rise sharply in 2026, PVH could face significant cost increases for its employee health insurance. This surge is driven largely by rising medical costs and the potential expiration of enhanced federal premium tax credits, which could collectively increase out-of-pocket expenses by over 75% for many enrollees. In particular, some states are expecting premium hikes surpassing 60%, placing additional financial pressure on companies like PVH, which will need to strategically assess their healthcare options to manage these impending costs effectively. Click here to learn more

For example, PVH 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 PVH 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 PVH 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 PVH employees.

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

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 PVH 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, PVH 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. 'PVH 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 primary purpose of PVH's 401(k) Savings Plan?

   The primary purpose of PVH's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

   How can employees enroll in PVH's 401(k) Savings Plan?

   Employees can enroll in PVH's 401(k) Savings Plan by accessing the enrollment portal through the company’s HR website or by contacting the HR department for assistance.

   What types of contributions can employees make to PVH's 401(k) Savings Plan?

   Employees can make pre-tax contributions, Roth (after-tax) contributions, and in some cases, catch-up contributions if they are age 50 or older to PVH's 401(k) Savings Plan.

   Does PVH offer a company match for the 401(k) contributions?

   Yes, PVH offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

   What is the vesting schedule for the company match in PVH's 401(k) Savings Plan?

   The vesting schedule for the company match in PVH's 401(k) Savings Plan typically follows a graded vesting schedule, which means employees earn ownership of the match over a period of time.

   Can employees change their contribution percentage to PVH's 401(k) Savings Plan at any time?

   Yes, employees can change their contribution percentage to PVH's 401(k) Savings Plan at any time, usually through the online portal or by contacting HR.

   What investment options are available in PVH's 401(k) Savings Plan?

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

   Is there a minimum contribution requirement for PVH's 401(k) Savings Plan?

   Yes, there is typically a minimum contribution requirement for PVH's 401(k) Savings Plan, which may vary based on the plan's guidelines.

   How often can employees make changes to their investment allocations in PVH's 401(k) Savings Plan?

   Employees can generally make changes to their investment allocations in PVH's 401(k) Savings Plan on a quarterly basis or as specified by the plan rules.

   What happens to an employee's 401(k) balance if they leave PVH?

   If an employee leaves PVH, they have several options for their 401(k) balance, including rolling it over to another retirement account, cashing it out (subject to taxes and penalties), or leaving it in the PVH plan if permitted.