New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Parker-Hannifin Employees: Navigating Your Future When Medicare Isn't Enough

Healthcare Provider Update: Healthcare Provider for Parker-Hannifin Parker-Hannifin, a leading global manufacturer of motion and control technologies, provides employee healthcare coverage primarily through major insurance networks such as UnitedHealthcare and Anthem. These providers are known for their extensive networks and resources, allowing employees of Parker-Hannifin to access necessary healthcare services efficiently. Potential Healthcare Cost Increases in 2026 As the healthcare landscape shifts, Parker-Hannifin and its employees may face significant healthcare cost increases in 2026. With anticipated record hikes in Affordable Care Act (ACA) premiums, certain states could see upsurges exceeding 60%, driven by a mix of higher medical costs and the potential expiration of enhanced federal premium subsidies. The Kaiser Family Foundation warns that without congressional action, approximately 92% of policyholders could experience over 75% increases in out-of-pocket premiums, which could strain the financial resources of many employees already navigating rising living costs. Click here to learn more

As Parker-Hannifin employees approach retirement, it is very important to discuss with your family the financial and legal implications that they will incur,' says Brent Wolf of The Retirement Group, a division of Wealth Enhancement Group.

Planning for retirement is not only about the individual’s preparation; it’s about creating a comprehensive strategy that includes both your financial and healthcare needs, especially when the basics of Medicare aren't enough,' states Kevin Landis from The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

Legal and Financial Preparations: The importance of giving legal authority to children for financial and medical decisions and sharing detailed financial plans.
Property and Asset Management: Learn how to manage and transfer property and how debt affects inheritance.
Healthcare and Incapacity Planning: Healthcare requirements and how to make legal arrangements for the event of incapacity.

As Parker-Hannifin employees prepare for retirement, it’s essential to account for both personal and family needs. Planning early and clearly communicating your retirement goals to those who will be impacted—especially family members like children—helps ensure that everyone is on the same page. This communication is important in terms of healthcare, finances, and other critical decisions. The approach to disclosing these plans may differ based on family dynamics and relationships, but it’s important to keep them in the loop to help them make informed decisions in the future.

Retirement Benefits at Parker-Hannifin

Parker-Hannifin offers a comprehensive retirement package, which includes both pension and 401(k) savings plans. For pension options, Parker-Hannifin provides retirees with the choice of either a lump sum or annuity payout, depending on the employee’s preferences and financial needs. Non-union employees and union employees might experience some variations in these options, depending on the specific collective bargaining agreements in place.

For employees participating in the Parker-Hannifin 401(k) Savings Plan, contributions can be made on a pre-tax basis, with the company offering a matching contribution to help build retirement savings. Employees are eligible to participate in the plan from day one of employment, and the company matches a percentage of contributions, helping employees to maximize their retirement savings.

Healthcare Benefits for Retirees

In addition to financial planning, Parker-Hannifin provides retirees with healthcare benefits, which include access to continued medical coverage after retirement. Retirees can elect coverage through the company’s Retiree Health Benefits Program, which includes medical, dental, and vision options. These benefits may be subject to certain eligibility requirements, and the coverage may change depending on your status as a union or non-union retiree. It’s essential to stay informed about any updates or changes to these benefits, particularly as healthcare needs evolve.

Considerations for Union vs. Non-Union Employees

Union employees at Parker-Hannifin may have different retirement benefits than non-union employees, including different pension plan formulas or eligibility for certain programs. It is crucial for union retirees to review their collective bargaining agreements to ensure they are maximizing the benefits available to them. Non-union employees should also stay informed about changes in the 401(k) plan and healthcare options to ensure they are fully prepared for retirement.

Managing Your Home and Assets

As part of your retirement preparations, many Parker-Hannifin retirees find it beneficial to downsize their homes. This may be due to rising property taxes, the costs of maintenance, or the desire to move to a smaller home or retirement community. For those considering relocating, especially to a retirement community or a location with specific healthcare advantages, understanding your home's future ownership, including potential tax implications, is an important part of your retirement plan. Additionally, understanding the implications of debt on your inheritance and property management is essential to safeguarding your assets for future generations.

Healthcare and Legal Arrangements for Incapacity

Parker-Hannifin employees should consider establishing power of attorney and healthcare directives well in advance of retirement. This allows designated individuals, such as children or trusted family members, to make important medical or financial decisions if the need arises. Ensuring these arrangements are in place before retirement begins helps protect both you and your family from unexpected challenges related to incapacity.

Conclusion

Parker-Hannifin employees should take proactive steps in preparing for retirement by carefully considering their financial plans, healthcare needs, and legal arrangements. The company's retirement benefits, including its pension plan options and 401(k) savings plan, provide a solid foundation for securing your future. By being well-informed about the specific benefits available to both union and non-union employees, and taking the time to plan for healthcare and property management, you can ensure that your retirement is both financially secure and well-prepared for any eventuality.

If the home is a large part of your assets, Parker-Hannifin retirees may be able to use the equity in your home to fund a comfortable retirement. On the other hand, if you are financially able, you could transfer the property title to your child. It is crucial to know the tax consequences of such a transfer. Your child may be taxed highly if they later sell the property after you gift the house while alive since they will not be able to take a step-up in cost basis on the property.

Your Indebtedness

Parker-Hannifin retirement with various debts, including credit card balances, mortgages, and even student loans, is becoming more common. You need to inform your children about these liabilities as they will affect their share of the inheritance. All non-assumable debts or home equity loans will require new financing to be settled.

Your Other Financial Assets and Retirement Accounts

Many retirees rely on the savings that they have accumulated in their working years, Social Security, and any pension that they have. The SECURE Act 2.0 has increased the age of required distributions from retirement accounts to 73, affecting the management of these assets. This is important so that your children know where your assets are located to avoid them being inaccessible when you die or become incapacitated.

Your Policy for Life

It is important to disclose the information regarding any life insurance policies since these will pay for the funeral and remaining medical expenses after your death.

Your Medical Plans

Retirement from Parker-Hannifin is a major problem in terms of healthcare as many retirees rely on Medicare or other private health insurance. These details have to be discussed with your children, including those for long-term care needs that are not covered by Medicare.

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In the Event of Your Incapacity

Having legal documents like power of attorney is important in case of incapacitation that is unexpected. This ensures that your wishes on where you want to be and what you want to do with your health are respected.

Your Choice

It is crucial to review and revise your will every now and then. This can help avoid confusion and can convey to everyone any special provisions or questionable provision of resources that may lead to conflict.

Any Company You Manage

If you own a business, then the future of the business, whether it will be sold or if it will be transferred to the next generation, needs to be discussed with your children to ensure a smooth transition and to set expectations.

Overarching Thoughts

It is important to know the typical retirement age in order to make informed financial decisions. Due to the fact that people live longer than before, retirement can stretch for many years, which calls for better financial planning.

Using Tools for Financial Planning

Virtual tools like stock trading simulators can be useful to gain real life experience of handling investments with real money consequences that can be useful for current and future retirees.

Ensuring that your children know the basics of your pension and other healthcare that you will get as a retiree when you were working at a Parker-Hannifin company makes the conversation easier. A 2020 report by the Employee Benefit Research Institute found that retirees are likely to be partially or completely wrong about these benefits, which means that they could have false ideas about their finances. This ensures that your children know these benefits, which are important in your retirement planning and may make them consider starting theirs.

Disclosing your retirement plans is a bit like giving the keys to a family car to your children. You can help your children understand the route you have in mind, the healthcare coverage you need, and the pension benefits you will be receiving – just as you would explain the condition and best features of a car before letting your children use it. It enables them to know what to do to continue the legacy and navigate the ‘vehicle’ correctly in the future.

Sources:

Warren Street Wealth Advisors: 'Parker-Hannifin and Large Company Employees.' In 2025, Warren Street Wealth Advisors offers specialized financial services for Parker-Hannifin employees, including one on one investment advice and retirement planning.
Chris Reddick Financial Planning, LLC: Reddick, Chris. 'How to Effectively Save for Retirement in Parker-Hannifin Companies.' Chris Reddick Financial Planning, LLC was established in 2018 March 2, from www.chrisreddickfp.com . This article examines the saving behaviours of different generations of Parker-Hannifin companies, the movement from pensions to 401(k) plans, and other changes.
Willis Towers Watson: 'DB Plans a Thing of the Past for Most Parker-Hannifin Companies.' The article, published on PLANSPONSOR on March 2, 2018, is available at www.plansponsor.com . This source is cited to show the decrease of defined benefit plans in Parker-Hannifin companies and other general changes in retirement planning.
Willis Towers Watson: 'Evolution of DB Plan Sponsorship for Parker-Hannifin Companies, 1998 – 2019.' The document provided by Willis Towers Watson is the historical data of the management of pension plans by Parker-Hannifin companies over the years, including the shift from traditional to hybrid plans.
HR Search & Rescue: 'F500 Benefits.' On the HR Search & Rescue website, you will find information on how Parker-Hannifin companies can improve their benefit packages to attract and retain employees, with emphasis on retirement and other benefits.

How can employees of Parker-Hannifin Corporation effectively calculate their pension estimates, and what factors should they consider when determining their expected retirement benefits from the Plan? This question aims to explore the details behind Final Average Monthly Compensation, vesting service, and the impact of different retirement ages on the monthly benefit calculations.

Employees can estimate their pension benefits using a compensation-based formula. They should consider factors such as Final Average Monthly Compensation (based on their highest five consecutive years of earnings), years of benefit service, and the Social Security Covered Compensation. Employees can use the pension estimation tools available at www.YourParkerBenefits.com to calculate their retirement benefits considering different retirement ages(Parker-Hannifin_Corpora…).

What are the eligibility requirements for employees of Parker-Hannifin Corporation to participate in the retirement benefits Plan, and how does the completion of vesting service affect access to defined benefits? This inquiry will delve into the specifics of one-year vesting service requirements, definitions of full-time versus part-time status, and any exceptions that may apply.

To be eligible for the retirement plan, employees must complete one year of vesting service. Vesting service counts employment periods with Parker and includes specific leaves of absence. Full-time, part-time, and temporary employees are eligible. Exceptions exist, such as for co-operative employees, who do not become plan participants(Parker-Hannifin_Corpora…).

In what ways does Parker-Hannifin Corporationâ€™s retirement plan integrate with Social Security benefits, and how might this impact employees' overall retirement income planning? This question should encourage discussion on how both sources of income can be strategically coordinated for optimal financial stability in retirement.

Pension benefits under the plan are paid in addition to Social Security. The integration involves calculating benefits based on both Final Average Monthly Compensation and Social Security Covered Compensation. This coordination ensures that employees have a combined source of income during retirement(Parker-Hannifin_Corpora…)(Parker-Hannifin_Corpora…).

What options do employees of Parker-Hannifin Corporation have for electing different forms of retirement benefit payments, and how should they weigh the pros and cons of each option? This question will provide insight into the various payment methods, including Joint and Survivor Options versus Life Only benefits, and factors that influence these decisions.

Employees can choose between multiple forms of benefit payments, including a Life Only benefit or Joint and Survivor Options (50%, 75%, or 100%). The decision on which option to choose should depend on factors like marital status, desired survivor benefits, and potential reduction in monthly payments for electing survivor options(Parker-Hannifin_Corpora…)(Parker-Hannifin_Corpora…).

How does the retirement benefits Plan at Parker-Hannifin Corporation ensure that employees are informed about any potential amendments or changes that might affect their retirement benefits? This question focuses on the communication strategies employed by the company to relay critical information to employees regarding plan modifications and participant rights.

Parker-Hannifin uses formal communication methods to ensure employees are informed about plan changes, such as amendments or terminations. This includes notifications through the Benefits Service Center and relevant updates provided on the Parker Benefits website(Parker-Hannifin_Corpora…)(Parker-Hannifin_Corpora…).

What implications does a Qualified Domestic Relations Order (QDRO) have for employees of Parker-Hannifin Corporation, and how can participants ensure compliance with legal requirements regarding benefits division in divorce situations? This question seeks an understanding of the legal framework surrounding QDROs and the steps employees should take to protect their benefits.

A QDRO allows for the division of pension benefits in cases of divorce or legal separation. Parker-Hannifin employees can work with QDRO Consultants to ensure compliance with legal requirements. The order will direct the plan to distribute a portion of the employee’s pension to an alternate payee, such as a spouse or dependent(Parker-Hannifin_Corpora…)(Parker-Hannifin_Corpora…).

How should employees of Parker-Hannifin Corporation approach the retirement process if they are currently receiving Long Term Disability benefits, and what adjustments might they need to consider during this transition? This question aims to clarify how the overlap of disability and retirement benefits is managed under the Plan.

Employees receiving Long-Term Disability (LTD) benefits will have their LTD payments reduced by the amount of any pension benefits they start receiving. Employees should coordinate their retirement process with the Benefits Service Center to ensure a smooth transition from LTD to retirement benefits(Parker-Hannifin_Corpora…).

What options for early retirement benefits are available to employees of Parker-Hannifin Corporation, and what critical factors should they consider before deciding to retire before the normal retirement age? This question will highlight the age and service requirements and the impact of early retirement on monthly benefit amounts.

Employees can retire early starting at age 55 with at least 10 years of vesting service. However, benefits are reduced for each month before the normal retirement age of 65, at a rate of 0.5% per month. Early retirement also includes options like Temporary Pension Supplement to cover medical expenses(Parker-Hannifin_Corpora…)(Parker-Hannifin_Corpora…).

What steps should Parker-Hannifin Corporation employees take to ensure they receive accurate and timely benefit payments upon retirement, including any necessary applications or paperwork? This question covers the procedural aspects of commencing benefit distributions and highlights the importance of adhering to federal regulations regarding distributions.

Employees must apply for retirement benefits through the Benefits Service Center by completing necessary forms, including proof of age and marital status. Benefits generally begin the month following the retirement date or the completion of the application, and federal regulations require benefits to start no later than April 1 following age 70½(Parker-Hannifin_Corpora…)(Parker-Hannifin_Corpora…).

How can employees of Parker-Hannifin Corporation contact the Total Rewards Department to get personalized assistance regarding their retirement benefits and related inquiries? This question focuses on the specific contact details and resources available for employees seeking further clarification on their retirement planning and benefits management.

For personalized assistance, employees can contact the Benefits Service Center at 1-800-992-5564. This service provides answers to questions about retirement benefits, plan participation, and pension estimates(Parker-Hannifin_Corpora…).