Healthcare Provider Update: Healthcare Provider for Devon Energy: Devon Energy Corporation partners with Aetna as its healthcare provider. Aetna offers a range of health plans and services to support the wellness needs of Devon Energy employees and their families. Potential Healthcare Cost Increases in 2026: As healthcare costs continue to rise, Devon Energy could see significant increases in employee healthcare expenses in 2026, attributed in part to anticipated premium hikes associated with the Affordable Care Act (ACA). With some states preparing for rate increases of up to 66% and the expiration of enhanced federal premium subsidies, employees may face out-of-pocket premium escalations of over 75%. The confluence of rising medical costs and changes in healthcare policy may necessitate adjustments in how both employers and employees plan for their health coverage, prompting a careful re-evaluation of benefit strategies in the coming year. Click here to learn more
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This translates into the need for comprehensive financial planning and education as the challenge of ensuring a secure retirement for Devon Energy employees. For example, Michael Corgiat is a financial advisor at The Retirement Group, a division of Wealth Enhancement Group.
For Devon Energy employees, the way to retirement is full of financial uncertainties and therefore needs planning. To this end, the help of experienced professionals like Brent Wolf from The Retirement Group, a division of the Wealth Enhancement Group, should be sought.
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In this article, we will discuss:
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1. The challenges of the current American retirement system, and how it is based on individual financial contributions and lacks financial literacy.
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2. Some specific issues that Devon Energy employees face, such as the need for better employer-sponsored retirement plans and the need for financial education.
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3. The effects of under-saving for retirement on the population as a whole, according to recent studies which show that a large proportion of Americans are unprepared for retirement.
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The problem is that the financially illiterate average person will never be able to save enough to fund their retirement. So how do you pay for it if you’re not sure how much something will cost or how long you’ll need it? That is the present American retirement system, and many people think it is wrong. Is the American dream of retirement unattainable for Devon Energy employees in an environment where the normal individual picks up the majority of the cost?
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This is because retirement planning is complicated due to financial ignorance and mismanagement, increasing healthcare costs, and extended life expectancy. It is important for Devon Energy employees to overcome these challenges through their employer’s retirement plans and financial literacy programs. While many people struggle with their 401(k)s, according to recent studies, a vast majority of Americans have even fewer retirement savings.
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The Employee Benefit Research Institute (EBRI) issued a 2023 study indicating that 39% of households with adults aged 40 or over have no retirement savings. This is a very worrying figure which underscores the importance of sound financial planning and education. It means that Devon Energy employees can ensure a better retirement future by making sure they keep contributing to their 401(k)s and seeking the advice of professionals.
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It is like being on a long car journey with no GPS or map. In regard to their retirement plans, a large number of Americans are confused and have low financial literacy or resources. However, some people may think that their 401(k) is doing badly, but it is still better than others whose cars have not even been started.
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You can think of it as having an older car that has been well-maintained. The road ahead is steep, with nearly 40% of households having no retirement savings. This means that for Devon Energy employees, financial planning and education are crucial to a secure retirement, just as a good navigation system would bring you to your destination safely.
Sources:
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1. The State of American Retirement Savings: How the shift to 401(k)s has increased gaps in retirement preparedness based on income, race, ethnicity, education, and marital status. In 2016, the Economic Policy Institute issued a report, which can be found at www.epi.org/publication/retirement-in-america/#charts.
2. Margo. 'Are Americans Financially Educated on Retirement Savings?' On December 1, 2022, from blog.ssa.gov/are-americans-financially-educated-on-retirement-savings.
3. Clark, Robert L., and Olivia S. Mitchell. The effectiveness of employer-sponsored financial education programs. Journal of Financial Literacy and Wellbeing, Cambridge Core, 2023, The author of this paper argues that © Cambridge University Press. All rights reserved. To read more, please visit https://www.cambridge.org/core/journals/journal-of-financial-literacy-and-wellbeing/effectiveness-of-employer-provided-financial-education-programs .
4. 'A Dream Deferred: An Analysis of the Current Retirement Landscape and the Changes Needed to Save the American Retirement Dream.' In 2023, the American Bar Association published ABA reporting ABA reporting.
5. Jeszeck, Charles A. The Nation's Retirement System: A Comprehensive Re-evaluation Is Needed to Better Promote Future Retirement Security. As of 2023, the U.S. Government Accountability Office has issued a report called The GAO's report can be found at www.gao.gov/nations-retirement-system-2023-report .
What is the primary purpose of the 401(k) Savings Plan at Devon Energy?
The primary purpose of the 401(k) Savings Plan at Devon Energy is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or after-tax basis.
How can employees at Devon Energy enroll in the 401(k) Savings Plan?
Employees at Devon Energy can enroll in the 401(k) Savings Plan by logging into the employee portal and completing the online enrollment process during the designated enrollment period.
What types of contributions can employees make to the Devon Energy 401(k) Savings Plan?
Employees at Devon Energy can make pre-tax contributions, Roth (after-tax) contributions, and, if eligible, catch-up contributions to the 401(k) Savings Plan.
Does Devon Energy offer any matching contributions to the 401(k) Savings Plan?
Yes, Devon Energy offers a matching contribution to the 401(k) Savings Plan, which is designed to encourage employees to save for retirement.
What is the vesting schedule for employer contributions in the Devon Energy 401(k) Savings Plan?
The vesting schedule for employer contributions in the Devon Energy 401(k) Savings Plan typically follows a graded vesting schedule, meaning employees gradually earn ownership of the company's contributions over time.
Are there any fees associated with the Devon Energy 401(k) Savings Plan?
Yes, there may be administrative fees associated with the Devon Energy 401(k) Savings Plan, which are disclosed in the plan documents provided to employees.
Can employees at Devon Energy take loans against their 401(k) Savings Plan balance?
Yes, employees at Devon Energy may be able to take loans against their 401(k) Savings Plan balance, subject to the plan's terms and conditions.
What investment options are available in the Devon Energy 401(k) Savings Plan?
The Devon Energy 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to diversify their retirement savings.
How often can employees change their contribution amounts to the Devon Energy 401(k) Savings Plan?
Employees at Devon Energy can change their contribution amounts to the 401(k) Savings Plan at any time, subject to the plan's guidelines.
What is the minimum age requirement to participate in the Devon Energy 401(k) Savings Plan?
The minimum age requirement to participate in the Devon Energy 401(k) Savings Plan is typically 21 years old, but employees should refer to the plan documents for specific details.