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

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Discover the Ideal Retirement Destination: Top U.S. Cities for Hanesbrands Employees to Consider

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Healthcare Provider Update: Healthcare Provider for Hanesbrands: Hanesbrands Inc. typically offers health insurance to its employees through a network of major providers, including companies like UnitedHealthcare, Cigna, and Anthem Blue Cross Blue Shield, depending on the specific plan chosen by the company for its workforce. Potential Healthcare Cost Increases in 2026: As the landscape of healthcare evolves, Hanesbrands may face significant increases in healthcare costs in 2026, primarily driven by rising insurance premiums. Reports indicate that insurance premiums for Affordable Care Act (ACA) plans could surge by an average of 18% to 20%, with some states projecting hikes as high as 66%. The expiration of enhanced federal subsidies is expected to exacerbate the financial strain, potentially leaving over 22 million enrollees facing exorbitant increases in out-of-pocket expenses. Without legislative measures to extend these subsidies, many employees could see their healthcare costs skyrocket, which could significantly impact employee wellness and workforce stability. Click here to learn more

Hanesbrands employees considering retirement might find it surprising that  San Bernardino is ranked as the least favorable city for retirees in the U.S., according to an extensive study by WalletHub . This research assessed over 180 cities based on multiple criteria related to life after work. Notably, California, despite its appealing facade, is home to half of the ten least desirable cities for retirees in the nation.

The personal finance company's analysis included 45 key indicators, focusing on living expenses, tax implications, healthcare quality, and the availability of recreational opportunities, essential for a fulfilling retirement. WalletHub analyst Chip Lupo notes that the best retirement cities help reduce taxes and living costs while providing access to excellent healthcare and a variety of activities that enrich one’s golden years.

In stark contrast to its scenic locales, San Bernardino scored the lowest for retiree-friendliness, placing 182nd overall. It earned a mere 35.71% of the possible points, highlighting significant deficiencies in recreational activities, healthcare quality, and overall life satisfaction. This rating reflects a broader issue across various Californian cities that fall short in providing secure retirement conditions compared to other U.S. cities.

Several other cities in California also appear at the bottom of the list, with Stockton and Rancho Cucamonga just above San Bernardino. While California ranks as the 17th best state for retirement, higher-ranking cities like San Francisco, San Diego, Glendale, and Los Angeles still do not crack the national top 30, demonstrating a mixed bag of results across the state.

Among the cities that excel in retirement suitability, Orlando, Florida, tops the list with a score of 61.49 out of 100, showing strong performance in affordability and leisure activities. Orlando offers substantial financial perks in services crucial for retirees, such as housekeeping and adult home healthcare, ranking high among the cities studied. Its appeal is enhanced by a rich array of music venues, fishing clubs, art galleries, and an abundance of gerontologists and home healthcare providers per capita.

According to WalletHub, the ten best cities for retirement also include Miami, Minneapolis, Tampa, Fort Lauderdale, Scottsdale, Cincinnati, St. Petersburg, Casper, and Atlanta. These destinations offer a mix of affordability, healthcare quality, diverse activities, and overall life quality that promotes a rewarding retirement.

WalletHub’s ranking methodology compared the 150 most populated cities in the U.S., along with at least two of the most populated cities from each state, spanning four key categories: affordability, activities, quality of life, and healthcare. This comprehensive approach, using a grid of 45 indicators rated out of 100, ensures a thorough understanding of how each city supports its elderly population, crucial in times when many retirees depend on fixed incomes and seek maximum value in their living conditions.

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The findings emphasize the importance for Hanesbrands employees to do detailed research and thoughtful consideration when choosing a retirement destination. The stark contrast between the least favorable San Bernardino and top-ranked Orlando highlights the disparities within the U.S., influenced by local policies, economic conditions, and resources tailored to senior needs.

While California hosts several less desirable cities for retirement due to high living costs and taxes, it also provides tax exemptions on Social Security and public pensions, offering some financial relief. The California Franchise Tax Board explains that retirees in California enjoy freedom from state taxes on Social Security benefits and public pension incomes, which can notably ease the financial burden for Hanesbrands retirees reliant on these fixed incomes.

For Hanesbrands employees exploring retirement options, this guide underscores the significant variances in living conditions across the U.S. and offers insights into choosing the right city based on personal needs and preferences. As you plan for a secure and enjoyable retirement, remember, much like selecting a fine wine, the reputation of a location may not always reflect the daily realities of life there. This guide is designed to help you navigate through the complexities of retirement planning with essential considerations like tax benefits, healthcare quality, and cost of living at the forefront, ensuring a well-informed decision for a peaceful and fulfilling retirement.

What is the Hanesbrands 401(k) Savings Plan?

The Hanesbrands 401(k) Savings 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 Roth (after-tax) basis.

How can I enroll in the Hanesbrands 401(k) Savings Plan?

Employees can enroll in the Hanesbrands 401(k) Savings Plan by accessing the enrollment portal provided by the company, typically available during the onboarding process or during open enrollment periods.

What types of contributions can I make to the Hanesbrands 401(k) Savings Plan?

Hanesbrands employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for catch-up contributions if they are over the age of 50.

Does Hanesbrands offer a company match for the 401(k) contributions?

Yes, Hanesbrands offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

What is the vesting schedule for the Hanesbrands 401(k) company match?

The vesting schedule for the Hanesbrands 401(k) company match typically follows a specific timeline, where employees earn ownership of the matched contributions over a set period.

Can I take a loan from my Hanesbrands 401(k) Savings Plan?

Yes, Hanesbrands allows employees to take loans from their 401(k) Savings Plan, subject to certain conditions and limits set by the plan.

What investment options are available in the Hanesbrands 401(k) Savings Plan?

The Hanesbrands 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.

How can I change my contribution percentage to the Hanesbrands 401(k) Savings Plan?

Employees can change their contribution percentage by logging into the Hanesbrands 401(k) portal and selecting the option to update their contribution rate.

What happens to my Hanesbrands 401(k) Savings Plan if I leave the company?

If you leave Hanesbrands, you have several options for your 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if permitted.

How often can I change my investment choices in the Hanesbrands 401(k) Savings Plan?

Employees can typically change their investment choices in the Hanesbrands 401(k) Savings Plan at any time, subject to the plan's trading policies.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Hanesbrands Pension Plan: Name of Pension Plan: Hanesbrands Inc. Pension Plan Years of Service and Age Qualification: Employees typically qualify for pension benefits after reaching 5 years of service. The normal retirement age is 65, but employees may also qualify for early retirement benefits at age 55 with at least 10 years of service. Pension Formula: The pension is calculated based on a formula that considers years of service and average salary. The specific formula details might be found in the plan documents. Hanesbrands 401(k) Plan: Name of 401(k) Plan: Hanesbrands Inc. 401(k) Plan Eligibility: Generally, employees become eligible to participate in the 401(k) plan after 90 days of employment. Plan Features: The 401(k) plan allows employees to contribute a percentage of their salary on a pre-tax or Roth basis. Hanesbrands may also offer a company match up to a certain percentage of employee contributions.
Restructuring and Layoffs: In 2023, Hanesbrands announced a major restructuring plan aimed at streamlining its operations and reducing costs. This plan included the layoff of around 250 employees across various departments. The restructuring is part of Hanesbrands' strategy to focus more on its core apparel business and improve operational efficiencies.
Stock Options: Hanesbrands provided stock options to select executives and key employees based on performance metrics and individual contributions. These options typically had a vesting period and were tied to the company's stock performance. RSUs: Restricted Stock Units were granted to employees as part of their compensation package, aligning their interests with long-term shareholder value. The vesting schedule for RSUs was usually over a period of several years.
2022: Hanesbrands' health benefits included comprehensive medical, dental, and vision insurance. They offered Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) as well. 2023: Benefits remained similar to 2022 with slight enhancements, such as improved preventive care coverage and expanded mental health support. They also increased the contribution limits for HSAs. 2024: Continued focus on mental health and wellness, including expanded telehealth services. The company introduced a new well-being program to support employees' physical, emotional, and financial health.
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For more information you can reach the plan administrator for Hanesbrands at , ; or by calling them at .

https://www.thelayoff.com/ https://pensionrights.org/

*Please see disclaimer for more information

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