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

Unlocking Retirement Planning: The Top 3 Retirement Calculators for Flowserve Employees and Retirees

Healthcare Provider Update: Healthcare Provider for Flowserve Flowserve Corporation partners with Anthem Blue Cross Blue Shield to provide healthcare plans and services for its employees. Anthem is noted for its extensive provider network and range of health insurance options, which includes access to various plans tailored to meet the diverse needs of Flowserve's workforce. Potential Healthcare Cost Increases in 2026 As we approach 2026, healthcare costs are poised to escalate significantly, driven by expected record premium hikes in the Affordable Care Act (ACA) marketplace. With premium increases averaging 18% and some states experiencing hikes exceeding 60%, the impact on Flowserve employees could be notable. The expiration of enhanced federal premium subsidies adds to the financial burden, potentially resulting in out-of-pocket premium increases of over 75% for many workers, raising concerns about accessibility and affordability of essential healthcare services as we move into the next year. Click here to learn more

Organizing for retirement has never been more difficult for Flowserve employees. Given the current state of the economy and the uncertain times ahead, it may appear that having a finance degree is necessary to succeed. However, ironically, because of the development of sophisticated tools like retirement calculators that streamline the planning process, it has also never been easier.

A cursory web search yields a wealth of retirement calculators available for Flowserve employees. But number and quality are not the same. Choosing the appropriate instrument for a certain circumstance is essential. Each of the following calculators offers specific features to meet the demands of the user in addition to providing crucial information for wise retirement planning decisions.

1. Retirement Planning with Wealth Enhancement Group

Four effective options are provided by Wealth Enhancement Group:

- Retirement Readiness Calculator
- 401(k) Calculator
- Compound Interest Calculator
- Monthly Expense Calculator

These options make the Wealth Enhancement Group calculators an ideal option for Flowserve employees. The application provides individualized advice for improving retirement plans. The first step for users is to register and fill out some basic information. After that, the tool offers personalized analysis of your financial situation. A meeting with a retirement advisor is also available with Wealth Enhancement Group.

Advantages:

- Incredibly thorough and customized.

- Simple to use.
- Makes recommendations for enhancing retirement planning.

- 2. Retirement Calculator from AARP

The calculator provided by AARP is easy to use and covers all the necessary ground without being unduly complicated. Users can test several scenarios on the interactive results page, which is particularly useful for Flowserve employees.

Advantages:

- Straightforward and simple to comprehend.
- A scenario testing results page that is interactive.

3. Retirement Planner by MarketWatch

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A variety of calculators, each concentrating on a different facet of retirement planning, are available from MarketWatch. This division has advantages and disadvantages for Flowserve employees.

Advantages:

- Different calculators for distinct purposes.
- Simple to see results and modify inputs

In Summary

Although retirement planning can seem overwhelming, it can be simple and doable with the right resources for Flowserve employees. The retirement calculators shown here are intended to make planning easier by providing insights that can be put into practice.

For those looking for thorough and customized retirement plans, the calculators above serve as great options because they are is both personalized and detailed. Every calculator has advantages and disadvantages based on the demands and preferences of the user. By making use of these resources, Flowserve employees can take charge of their retirement planning and acquire confidence during their golden years.

Aside from the specific features and advantages of any calculator, it's important to remember that retirees who consistently use thorough planning tools have much higher levels of financial confidence. According to a recent Vanguard survey, Flowserve employees who use thorough planning tools had a 40% higher likelihood of feeling confident about their retirement plans. This demonstrates how important precise and thorough retirement calculators are to improving financial preparedness and comfort.

Having the greatest tools available to be informed and prepared can make a big impact as the financial landscape continues to change. Using sophisticated retirement calculators not only helps with careful planning but also gives Flowserve employees the ability to face their retirement years with clarity and confidence.

67% of retirees who utilize detailed retirement calculators indicated increased satisfaction with their retirement savings and income planning compared to those who did not use such tools, according to a recent Employee Benefit Research Institute (EBRI) study. This emphasizes how important it is for Flowserve employees to use sophisticated retirement calculators like Wealth Enhancement Group and AARP, which provide individualized planning options and in-depth insights, guaranteeing a more certain and organized retirement plan.

Retirement planning is similar to crossing a wide ocean. It's like having a fleet of quality navigational equipment at your disposal when you use the top ten retirement calculators. Every one of them, from AARP to Wealth Enhancement Group, serves as a quality compass, assisting you in precisely navigating the financial waters. Similar to how a trustworthy compass helps sailors navigate erratic waters, these calculators offer precise, detailed, and customized information to help Flowserve employees navigate their retirement planning toward a safe and wealthy future.

What type of retirement savings plan does Flowserve offer to its employees?

Flowserve offers a 401(k) retirement savings plan to help employees save for their future.

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

Flowserve employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

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

Yes, Flowserve offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the maximum contribution percentage that Flowserve employees can contribute to their 401(k)?

Flowserve employees can contribute up to the IRS limit, which is adjusted annually. Employees should check the latest guidelines for the current limit.

Are there any eligibility requirements for Flowserve employees to participate in the 401(k) plan?

Yes, Flowserve employees must meet certain eligibility requirements, such as a minimum length of service, to participate in the 401(k) plan.

Can Flowserve employees take loans against their 401(k) savings?

Yes, Flowserve allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

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

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

How often can Flowserve employees change their 401(k) contribution amounts?

Flowserve employees can change their 401(k) contribution amounts at designated times throughout the year, typically during open enrollment periods.

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

Yes, Flowserve has a vesting schedule for its matching contributions, which determines when employees fully own those contributions.

Can Flowserve employees access their 401(k) funds before retirement?

Flowserve employees may access their 401(k) funds before retirement under certain circumstances, such as hardship withdrawals or loans.

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

Flowserve Corporation offers a Defined Benefit Pension Plan known as the Flowserve Corporation Pension Plan, which is a traditional pension plan. This plan provides a monthly retirement benefit to participants based on a formula that takes into account years of service and compensation. The normal retirement age is typically the time when these benefits begin, and the plan follows a "cash balance" formula. This means that the benefits are calculated similarly to those in a defined contribution plan, with the accrued benefit expressed in terms like a single sum distribution amount (QDRO.com). The Flowserve 401(k) plan is another retirement benefit available to employees. The plan includes matching contributions, with Flowserve matching 75% of the employee's contributions up to 6% of their salary. Employees can contribute both pre-tax and Roth contributions to the 401(k). Catch-up contributions are available for employees over the age of 50. In 2023, the contribution limit for individuals under 50 was $22,500, while those over 50 could contribute an additional $7,500

Restructuring: In February 2023, Flowserve announced significant management changes as part of its ongoing restructuring efforts. This restructuring is aligned with its strategy to diversify, decarbonize, and digitize operations. The restructuring included executive shifts and operational changes aimed at improving efficiency and meeting the company's long-term sustainability goals. Benefits and 401(k) Changes: Flowserve continues to offer comprehensive benefits, including retirement planning options such as 401(k) plans. While no major changes have been announced for 2024, the company maintains a robust benefits package designed to support its employees' financial well-being.

Flowserve Corporation provides stock options and Restricted Stock Units (RSUs) to its employees as part of its equity compensation program. The specific stock options and RSUs available to Flowserve employees are designed to incentivize long-term commitment and align employee interests with company performance. For stock options, Flowserve typically grants options that allow employees to purchase company stock at a predetermined price, usually set at the market price on the grant date. These options generally vest over several years, meaning employees must remain with the company for a specific period before they can exercise the options. The company uses the acronym "ESOs" (Employee Stock Options) to refer to this program. Regarding RSUs, Flowserve awards these units as a form of deferred compensation. RSUs do not require employees to purchase the stock; instead, the units are converted into actual shares once they vest, which occurs over a set period or upon meeting specific performance targets. These RSUs are often part of a broader performance-based incentive structure, ensuring that employees contribute to the company’s growth and success over the long term. The acronym "RSU" is used for Restricted Stock Units in Flowserve's compensation documents.

Flowserve provides a comprehensive range of health benefits designed to support the physical, mental, and financial well-being of its employees. The health benefits package includes medical, dental, and vision insurance, along with flexible spending accounts (FSA) and health savings accounts (HSA). The company also offers short- and long-term disability coverage, life insurance, and parental leave. Some of the healthcare-related terms associated with Flowserve include FSA, HSA, and AD&D (Accidental Death & Dismemberment) insurance. Benefits may vary depending on location and collective bargaining agreements

Additional Articles

Check Out Articles for Flowserve employees

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

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