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

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Tetra Tech Employees: Discover the Hidden Potential of Your 401(k) for a Brighter Retirement

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Healthcare Provider Update: Tetra Tech's Healthcare Provider Insight Tetra Tech currently partners with various health insurance providers to deliver healthcare benefits to its employees, including prominent insurers in the marketplace. As employees prepare for upcoming benefits changes, it is critical to understand the intricacies of their coverage and options. In 2026, Tetra Tech employees are likely to experience significant increases in healthcare costs, driven by broader industry trends. With anticipated premium hikes in the Affordable Care Act (ACA) marketplace reaching over 60% in some states, many employees could see their out-of-pocket expenses soar. Factors contributing to this include the potential expiration of enhanced federal subsidies and broader medical cost inflation, which are expected to add substantial financial pressure on individuals. Consequently, Tetra Tech employees should proactively review their healthcare options and budget for potentially higher expenditures in the coming year, ensuring they are equipped to handle these economic challenges. Click here to learn more

  • This translates into the need for comprehensive financial planning and education as the challenge of ensuring a secure retirement for Tetra Tech employees. For example, Michael Corgiat is a financial advisor at The Retirement Group, a division of Wealth Enhancement Group.

    For Tetra Tech 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.

  • In this article, we will discuss:

  • 1. The challenges of the current American retirement system, and how it is based on individual financial contributions and lacks financial literacy.

  • 2. Some specific issues that Tetra Tech employees face, such as the need for better employer-sponsored retirement plans and the need for financial education.

  • 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.

  • 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 Tetra Tech employees in an environment where the normal individual picks up the majority of the cost?

  • This is because retirement planning is complicated due to financial ignorance and mismanagement, increasing healthcare costs, and extended life expectancy. It is important for Tetra Tech 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.

  • 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 Tetra Tech employees can ensure a better retirement future by making sure they keep contributing to their 401(k)s and seeking the advice of professionals.

  • 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.

  • 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 Tetra Tech 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 Tetra Tech's 401k plan?

Tetra Tech's 401k plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or after-tax (Roth) basis.

How does Tetra Tech match employee contributions to the 401k plan?

Tetra Tech offers a matching contribution to employee 401k accounts, which helps employees maximize their retirement savings.

When can I enroll in Tetra Tech's 401k plan?

Employees at Tetra Tech can enroll in the 401k plan during the initial onboarding process or during the annual open enrollment period.

What are the contribution limits for Tetra Tech's 401k plan?

Tetra Tech follows IRS guidelines for contribution limits, which may change annually. Employees should check the latest limits to ensure they are maximizing their contributions.

Can I change my contribution amount to Tetra Tech's 401k plan at any time?

Yes, Tetra Tech allows employees to change their contribution amounts at any time, subject to certain restrictions based on the plan's rules.

What investment options are available in Tetra Tech's 401k plan?

Tetra Tech's 401k plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.

Is there a vesting schedule for Tetra Tech's 401k matching contributions?

Yes, Tetra Tech has a vesting schedule for matching contributions, meaning employees must work for a certain period before they fully own the matched funds.

How can I access my Tetra Tech 401k account?

Employees can access their Tetra Tech 401k account online through the plan's designated website or by contacting the plan administrator for assistance.

What happens to my Tetra Tech 401k if I leave the company?

If you leave Tetra Tech, you have several options for your 401k, including rolling it over to another retirement account, cashing it out, or leaving it in the Tetra Tech plan if allowed.

Does Tetra Tech offer financial education resources for employees regarding the 401k plan?

Yes, Tetra Tech provides financial education resources, including workshops and access to financial advisors, to help employees make informed decisions about their 401k savings.

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For more information you can reach the plan administrator for Tetra Tech at , ; or by calling them at .

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