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

Why EPAM Systems Employees Can Thrive in Retirement Without a Bucket List

Healthcare Provider Update: Healthcare Provider for EPAM Systems EPAM Systems primarily partners with large health insurers, but specific healthcare providers may vary depending on the regional office and employee benefits package they offer. Typically, recognized national insurers such as UnitedHealthcare, Anthem, and Cigna are among those involved in providing healthcare coverage to EPAM Systems employees. Potential Healthcare Cost Increases in 2026 As 2026 approaches, EPAM Systems employees should prepare for potential healthcare cost increases, significantly influenced by the anticipated rise in Affordable Care Act (ACA) premiums. States may see hikes upwards of 60%, with many large insurers adjusting their rates to counteract escalating medical expenses and the possible expiration of federal premium subsidies. Without these subsidies, over 22 million participants could face out-of-pocket premium increases of over 75%. Consequently, employees at EPAM Systems could find themselves absorbing a larger share of healthcare costs, prompting the need for proactive planning and informed decision-making regarding their healthcare benefits. Click here to learn more

The first few years of retirement are frequently a time of transitions for many, including those leaving EPAM Systems. 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 EPAM Systems 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 EPAM Systems. 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 retirement savings options does EPAM Systems offer to its employees?

EPAM Systems offers a 401(k) plan as a primary retirement savings option for its employees.

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

Yes, EPAM Systems provides a matching contribution to the 401(k) plan, helping employees maximize their retirement savings.

What is the eligibility requirement to participate in the EPAM Systems 401(k) plan?

Employees of EPAM Systems are eligible to participate in the 401(k) plan after completing a specified period of employment, typically within the first year.

How can employees at EPAM Systems enroll in the 401(k) plan?

Employees at EPAM Systems can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

What types of investment options are available in the EPAM Systems 401(k) plan?

The EPAM Systems 401(k) plan offers a variety of investment options, including mutual funds, index funds, and target-date funds.

Can employees at EPAM Systems take loans against their 401(k) savings?

Yes, EPAM Systems allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

What is the vesting schedule for EPAM Systems’ 401(k) matching contributions?

The vesting schedule for EPAM Systems’ 401(k) matching contributions typically follows a graded vesting schedule, which employees can review in the plan documents.

How often can employees at EPAM Systems change their 401(k) contribution amounts?

Employees at EPAM Systems can change their 401(k) contribution amounts during designated enrollment periods or as specified by the plan guidelines.

What happens to the 401(k) plan if an employee leaves EPAM Systems?

If an employee leaves EPAM Systems, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the EPAM Systems plan if allowed.

Are there any fees associated with the EPAM Systems 401(k) plan?

Yes, the EPAM Systems 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.

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

EPAM Systems provides a 401(k) plan that was established in 2006. By the end of 2022, the EPAM Systems, Inc. 401(k) Plan had total assets of $258,770,185 with 4,037 participants. On average, participants had an account balance of $64,099. The plan includes automatic enrollment, meaning that employee contributions are deducted directly from payroll unless employees opt out. Additionally, EPAM Systems offers a self-directed brokerage option, allowing employees to invest part of their account as they see fit. The company matches approximately 47.93% of employee contributions, with an average employer match of $4,967 per participant in 2022. The 401(k) plan is a critical component of EPAM Systems' employee benefits package, reflecting their focus on long-term financial planning for their employees. In terms of their pension plan, EPAM Systems does not provide detailed public information about a specific pension formula or defined benefit plan in the same manner they outline their 401(k) offering. However, based on their comprehensive 401(k) plan, it is clear that the company emphasizes retirement planning through this mechanism.

Layoffs: In early 2024, EPAM Systems announced a reduction in its workforce by approximately 4% globally. This decision was influenced by a slowdown in demand for its services, which is part of a broader trend affecting the tech sector. The company indicated that the layoffs were a strategic move to align its workforce with the current economic conditions and client needs. Benefits and Pension Changes: EPAM Systems has also made adjustments to its employee benefits program, including modifications to its 401(k) matching contributions and changes to pension plan options. These changes are intended to better manage the company’s financial resources in light of current economic uncertainties. Given the volatile economic climate and evolving tax policies, staying updated on these changes is crucial for employees to make informed financial decisions.

EPAM Systems offers stock options (SO) and Restricted Stock Units (RSUs) as part of their employee compensation package. SO allows employees to purchase company stock at a set price, while RSUs grant employees company shares after certain conditions are met. These benefits are typically available to senior employees and key contributors.

Company’s Official Website: Check EPAM Systems' official site for their latest health benefits information. Health Benefits Information: Plan Types: Details on the types of health plans offered (e.g., PPO, HMO). Coverage Details: Information on coverage for medical, dental, vision, mental health, etc. Acronyms and Terms: Specific healthcare-related terms and acronyms used by EPAM Systems.