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Why Covetrus Employees Can Thrive in Retirement Without a Bucket List

Healthcare Provider Update: Provides health insurance, dental, vision, life insurance, and FSAs, with flexible work arrangements and wellness support 2. With ACA costs projected to increase by 1518%, Covetruss employer-sponsored coverage offers a more stable and affordable alternative for employees and their families. Click here to learn more

The first few years of retirement are frequently a time of transitions for many, including those leaving Covetrus. It is a critical period that can influence the next few decades financially and emotionally. At the age of sixty-six, Wall Street Journal distinguished editor Stephen Kreider Yoder announced his retirement. His wife, sixty-seven-year-old Karen Kreider Yoder, followed suit. Their experiences, highlighted in the 'Retirement Rookies' column each month, demonstrate a departure from conventional retirement preparation. They emphasize crafting adaptable, meaningful experiences that serve as a foundation for future undertakings over following predetermined bucket lists.

This approach to retirement highlights a larger movement among individuals reimagining their post-employment years. By focusing on personal development and continual exploration, retirees can ensure a fuller, more satisfying experience. This narrative offers invaluable insights for Covetrus employees looking to maximize their life-changing retirement years.

Recent studies by the American Psychological Association (APA) underline the advantages of the Yoders' method of unstructured retirement planning. The research indicates that retirees adhering rigidly to their pre-planned bucket lists report lower levels of satisfaction and fulfillment compared to those who engage in activities based on their own interests and whims. This suggests that a flexible retirement lifestyle can lead to more fulfilling and significant experiences, an important consideration as employees transition from structured careers to the freedom of retirement.

In the Retirement Rookies column, Stephen and Karen Kreider Yoder share their journeys and offer a fresh perspective on retirement planning. Learn why they're passing on typical bucket lists in favor of flexible, meaningful experiences, and how this strategy might enhance your post-work years at Covetrus. Discover how embracing an unstructured retirement can lead to increased contentment and pleasure, setting the stage for a rewarding future.

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Forgoing a conventional retirement plan is akin to sailing a ship without a defined course. Retirees like the Yoders choose to navigate the waters of their golden years with the liberty to uncover new horizons as they appear, rather than charting every port of call. This method, much like a sailor discovering new adventures in uncharted waters, allows them to encounter unexpected joys and experiences, enriching each day with personal growth and satisfaction.

What type of retirement plan does Covetrus offer to its employees?

Covetrus offers a 401(k) retirement savings plan to its employees.

Can employees of Covetrus contribute to their 401(k) plan?

Yes, employees of Covetrus can make contributions to their 401(k) plan through payroll deductions.

What is the maximum contribution limit for Covetrus employees under the 401(k) plan?

The maximum contribution limit for Covetrus employees under the 401(k) plan is determined by the IRS and may change annually. Employees should check the current limits for the specific year.

Does Covetrus match employee contributions to the 401(k) plan?

Yes, Covetrus offers a matching contribution to employee 401(k) contributions, subject to certain conditions.

When does Covetrus start matching employee contributions to the 401(k) plan?

Covetrus typically starts matching employee contributions after the employee has completed a certain period of service, as outlined in the plan documents.

How can Covetrus employees enroll in the 401(k) plan?

Covetrus employees can enroll in the 401(k) plan by completing the enrollment process through the company's designated benefits portal.

What investment options are available in Covetrus' 401(k) plan?

Covetrus offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.

Can Covetrus employees change their contribution amounts to the 401(k) plan?

Yes, Covetrus employees can change their contribution amounts to the 401(k) plan at any time, subject to plan rules.

Is there a vesting schedule for Covetrus' 401(k) matching contributions?

Yes, Covetrus has a vesting schedule for its matching contributions, which means employees must work for a certain period before they fully own the matched funds.

How can Covetrus employees access their 401(k) account information?

Covetrus employees can access their 401(k) account information through the company's benefits portal or by contacting the plan administrator.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Covetrus offers its employees both a 401(k) plan and a pension plan, designed to help them prepare for retirement. For the 401(k) plan, employees are eligible to participate after one year of service. Covetrus provides a company match, which becomes available once the employee has completed their first year. The 401(k) plan is designed to align with Covetrus's commitment to employee well-being and financial health. Regarding the pension plan, Covetrus uses a Defined Benefit plan structure. The eligibility for this plan typically includes a combination of years of service and age, though specific details about the formula or exact qualifications were not readily available. The name of the pension plan and more detailed information about the pension formula are typically found in the company’s official documents or annual reports.

Restructuring and Layoffs: Covetrus has undergone significant restructuring, leading to layoffs as part of consolidating its North American operations. The company laid off 80 employees across various U.S. locations. This restructuring aims to streamline operations, reduce role duplication, and enhance customer service for veterinary practices. Additionally, Covetrus has completed its separation from former parent company Henry Schein, which included exiting transitional service agreements. Pension and 401(k) Changes: With ongoing economic shifts, adjustments in 401(k) contribution limits for 2024 have been announced. These changes include an increase in the contribution limit to $23,000 and catch-up contributions for those aged 50 and over, allowing them to contribute up to $30,500. These pension adjustments are aligned with the SECURE Act 2.0, impacting Covetrus employees and others participating in these plans.

For Covetrus, employee stock options (SOs) and Restricted Stock Units (RSUs) are critical components of their compensation packages, especially designed to attract and retain top talent within the organization. Covetrus offers both Non-Qualified Stock Options (NQSOs) and Incentive Stock Options (ISOs) as part of their stock option program. NQSOs are available to employees at all levels, offering the right to purchase Covetrus stock at a predetermined price, typically below market value, after meeting specific vesting periods. ISOs are usually reserved for top executives and offer favorable tax treatment compared to NQSOs. Regarding RSUs, Covetrus grants these units primarily to senior leadership and critical employees. RSUs represent a commitment by Covetrus to award shares of its stock at a future date, contingent upon the employee meeting certain performance milestones or continued employment. RSUs typically vest over a set period, such as three to five years, promoting long-term retention. In 2022, 2023, and 2024, Covetrus continued to emphasize these equity compensation tools as part of their overall strategy to enhance employee engagement and align their workforce with shareholder interests. Eligibility for stock options and RSUs at Covetrus is generally based on job level and performance, with the company ensuring that key contributors are rewarded with these equity incentives.

Covetrus offers a comprehensive suite of health benefits to its employees, focusing on various options that cater to different needs. For the years 2022 through 2024, Covetrus provided standard health insurance, dental and vision insurance, and options for both Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). These plans are designed to support a wide range of healthcare needs, from routine check-ups to more extensive medical procedures. Additionally, Covetrus includes life insurance and disability coverage in their benefits package, ensuring that employees have access to critical support in case of unforeseen circumstances. The company also emphasizes wellness programs, offering initiatives to promote healthier lifestyles among its workforce. A significant aspect of Covetrus's health benefits is their commitment to flexibility. Employees have options for different levels of coverage depending on their personal or family needs. The use of wellness incentives, such as gym memberships or health coaching, is encouraged to maintain a balanced work-life integration.

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For more information you can reach the plan administrator for Covetrus at 7 Custom House St. Portland, ME 4101; or by calling them at 888-280-2221.

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