Healthcare Provider Update: Public Storage offers its employees health insurance options through the Affordable Care Act (ACA) marketplace as well as employer-sponsored plans. The specific healthcare providers utilized may vary, often including major insurers such as UnitedHealthcare and Anthem, which have strong presences in many states. As we approach 2026, significant increases in healthcare costs are anticipated, particularly for those enrolled in ACA marketplace plans. Projections suggest that average premiums could rise by approximately 18%, with certain states potentially experiencing hikes over 60%. The expected expiration of enhanced federal premium subsidies will largely contribute to these sharp increases, meaning many Public Storage employees and retirees could face drastic out-of-pocket costs. As the market grapples with rising medical expenses and insurer rate hikes, individuals should be prepared for a challenging landscape in healthcare costs as they plan for the upcoming year. Click here to learn more
The Internal Revenue Service (IRS) recently revealed that a staggering amount over $1 billion
in tax refunds from the 2020 tax year remains unclaimed. This considerable sum represents excess payments that Public Storage employees, among others, have not yet reclaimed for various reasons, including incomplete filing forms and the intricacies of tax regulations.
Moreover, an additional $7 billion in unclaimed funds are overlooked annually due to missed claims on earned-income tax credits, child tax credits, and recovery rebate credits for both the 2020 and 2021 tax years. This highlights a pervasive issue within the tax system where employees at major corporations like Public Storage could miss out on substantial financial returns simply because they are unaware of or do not fully understand applicable tax laws and benefits.
For Public Storage employees, it’s critical to recognize that time is still on your side if you've forgotten to claim rightful credits or deductions. The IRS allows refund claims up to three years post the original filing deadline, typically April 15. Due to pandemic-related delays, the filing deadline for the 2020 tax year has been extended to May 17, providing an extra window to correct your filings and claim your dues before they revert permanently to the U.S. Treasury after the deadline.
At the state level, unclaimed funds are even more common. For instance, Nebraska has seen around $420 million in unclaimed property tax deductions since 2020. Similarly, in New Mexico, more than 16,000 residents failed to claim approximately $6 million in rebate credits anticipated for 2022.
A significant portion of these unclaimed refunds can be attributed to taxpayers who either did not file a return or failed to update their mailing addresses with the IRS, resulting in refunds that were never delivered. In 2020, the median amount of these unclaimed refunds was $932 per taxpayer.
The complexity of the tax code often deters taxpayers from pursuing their entitlements, including lesser-known deductions such as those for home offices and specific benefits for owners of pass-through entities. Ryan LoRusso, a partner at Withers, mentions that even tax experts frequently overlook benefits due to the code's complexities.
Most states align with the federal deadline of May 17 to file claims for the 2020 tax year.
According to Lucy Dadayan from the Urban-Brookings Tax Policy Center, most states offer a three-year window to file for unclaimed refunds, mirroring the IRS.
However, filing an amended return can be both challenging and costly, as Jamie Yesnowitz, a tax principal at Grant Thornton, emphasizes. The financial and administrative burdens of filing amended returns might deter individuals, especially when the potential savings do not justify the fees.
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Strategic estate planning is crucial in this environment. Consider a person with substantial assets, such as a $3 million brokerage account and a $3 million tax-deferred retirement account, planning to distribute wealth to family and charities. Understanding the tax implications and available credits or deductions can significantly affect the financial outcome of such legacies.
In summary, the complexities of tax laws mean many potential refunds and credits go unclaimed. Public Storage employees need to be proactive and informed about their tax filings to optimize potential refunds and credits, enhancing their personal financial management and engaging more deeply with the broader financial and economic landscape.
Public Storage employees, particularly those nearing or in retirement, should also be vigilant about tax scams. During tax season, retirees are often targeted by fraudulent schemes, including fake IRS calls demanding immediate payment. The IRS warns that these calls are scams, exploiting fears about law enforcement and compliance. A report by the Treasury Inspector General for Tax Administration in February 2021 indicated that over $10 million was lost to such scams in the previous year, highlighting the need for increased vigilance.
What type of retirement savings plan does Public Storage offer to its employees?
Public Storage offers a 401(k) retirement savings plan to help employees save for retirement.
Does Public Storage match employee contributions to the 401(k) plan?
Yes, Public Storage provides a matching contribution to employee 401(k) contributions, subject to certain limits.
When can employees at Public Storage enroll in the 401(k) plan?
Employees at Public Storage can enroll in the 401(k) plan during their initial eligibility period or during the annual open enrollment period.
What is the eligibility requirement for Public Storage employees to participate in the 401(k) plan?
To participate in the 401(k) plan at Public Storage, employees must meet specific service and age requirements as outlined in the plan documents.
How can Public Storage employees make changes to their 401(k) contributions?
Public Storage employees can make changes to their 401(k) contributions by logging into the employee benefits portal or by contacting the HR department.
What investment options are available in the Public Storage 401(k) plan?
The Public Storage 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Can Public Storage employees take loans against their 401(k) savings?
Yes, Public Storage allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.
What happens to my 401(k) account if I leave Public Storage?
If you leave Public Storage, you can choose to roll over your 401(k) balance to another retirement account, cash out your account, or leave it in the Public Storage plan if you meet the minimum balance requirement.
Are there any fees associated with the Public Storage 401(k) plan?
Yes, there may be administrative fees and investment-related expenses associated with the Public Storage 401(k) plan, which are disclosed in the plan documents.
How often can Public Storage employees change their investment allocations within the 401(k) plan?
Public Storage employees can change their investment allocations at any time, subject to the plan's trading restrictions.