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Navigating Retirement at DaVita: A Guide to Helping Increase Your Benefits in 2025

'DaVita employees must remain vigilant in adapting to ongoing changes in retirement benefits, from COLA adjustments to TSP contributions, to ensure they are maximizing their retirement options and securing their financial future.' – Wesley Boudreaux, a representative of The Retirement Group, a division of Wealth Enhancement Group.

'DaVita employees should take advantage of retirement tools like catch-up contributions and Medicare strategies to optimize their benefits, ensuring a smooth transition into retirement with comprehensive coverage and financial security.' – Patrick Ray, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

Key Updates on Retirement Benefits— Changes in annuities, cost-of-living adjustments, and Thrift Savings Plan (TSP) contributions.
Essential Insurance and Healthcare Considerations— Medicare enrollment strategies, FEGLI policy adjustments, and FEDVIP premium updates.
Financial and Estate Planning for a Comprehensive Future— Long-term care options, estate planning, and managing post-retirement benefits.

As 2025 unfolds, more options and considerations for DaVita employees and retirees are emerging in the retirement landscape. You will find this guide useful for making the transition to retirement.

Updates on Annuities & Cost of Living Adjustments.

Here are a few tools and services from DaVita to help you manage your annuity benefits. Annuity payments for retirees were adjusted in January 2025 for the 2024 cost-of-living adjustments (COLA), effective December 1, 2024. The COLA is 2.0% for Federal Employees Retirement System recipients and 2.5% for Civil Service Retirement System recipients. Social Security and military retirement payments also rise 2.5%. [Source needed]

Insurance Considerations

In retirement planning, insurance is an essential purchase. Regular reviews of your Federal Employees Group Life Insurance (FEGLI) policy are recommended as retirement approaches. Remember, FEGLI premiums increase every five years starting at age 50 - this can squeeze your budget. You can also enroll in Medicare Part A when you reach 65 to avoid penalties if you haven't claimed Social Security benefits yet.

Thrift Savings Plan Insights

Contributions to the Thrift Savings Plan (TSP) must increase. Those over 50 can contribute an additional USD 7,500 in 2025. To receive the full benefit of matching contributions, a minimum contribution of 5% per pay period is advised.

Medicare Enrollment Strategies

Crucial decisions regarding Medicare enrollment include when to enroll in parts A, B, C, and D. Combining your FEHB and TRICARE for Life with Medicare Parts A and B can lower your out-of-pocket costs.

The Federal Employees Dental and Vision Insurance Program (FEDVIP) is administered by the Federal Employees Dental and Vision Insurance Program (FEDVIP).

Participants in FEDVIP should know that 2025 premium changes could impact benefits. Update your enrollment details after a major life event or relocation for coverage continuity.

Long-Term Care & Retirement Planning.

Understand long-term care insurance and how it fits into your retirement planning. Check out the terms of your policy and how it fits in with other benefits you may be able to receive.

Estate Planning & Beneficiary Designations.

Estate planning and current beneficiary designations are critical to your assets. Regularly review and update these designations based on your personal situation.

Retirement Training and Resources

People nearing retirement can get training and tools. They include webinars and seminars on topics as simple as retirement planning to more complex issues like long-term care and Medicare options.

TSP Withdrawals and Regulations

New legislation affecting required minimum distributions (RMDs) and TSP withdrawals will help you manage your TSP account in retirement.

Retention of Personal Documents

Retaining copies of important documents, such as your proof of insurance and Notification of Personnel Action (SF-50s), is helpful when you retire to verify eligibility and service estimates.

Post-Retirement Federal Benefits Management

Staying connected with the Office of Personnel Management and other relevant agencies helps with benefit administration after retirement. Continuous management is needed for Medicare coordination, insurance coverage maintenance, and annuity adjustment.

So, in conclusion, 2025 brought many updates and revisions to retirement planning at DaVita. Staying proactive in managing your retirement plans, understanding policy impacts, and making informed decisions will enhance your retirement outcomes for a full and fulfilling retirement.

Articles you may find interesting:

Sources:

1. The Thrift Savings Plan. 2025 TSP Contribution Limits . 13 Nov. 2024, www.tsp.gov .

2. Friedman, Drew. 2025 COLA Will Be 2.5%, but Some Federal Retirees Get a Smaller Percentage . Federal News Network , 10 Oct. 2024, www.federalnewsnetwork.com .

3. Internal Revenue Service. 401(k) Limit Increases to $23,500 for 2025, IRA Limit Remains $7,000 . 1 Nov. 2024, www.irs.gov .

4. Serving Those Who Serve Editorial Team. 2025 Social Security COLA Increase . Serving Those Who Serve , Oct. 2024, www.stwserve.com .

5. The Thrift Savings Plan. SECURE Act 2.0, Section 109: Higher Catch-Up Limit to Apply at Age 60, 61, 62, and 63 . Jan. 2025, www.tsp.gov .

What steps should DaVita employees take to prepare for retirement within the context of the DaVita Retirement Savings Plan? How does the structure of this plan align with common retirement strategies, and what resources does DaVita provide to help employees understand their options when they are considering retirement?

DaVita employees preparing for retirement within the context of the DaVita Retirement Savings Plan should review their savings, evaluate their retirement goals, and ensure they are maximizing contributions. The plan aligns with common retirement strategies by offering diversified investment options and matching contributions, making it easier for employees to grow their retirement funds. DaVita provides resources, such as the Voya website and a dedicated retirement service center, to help employees understand their retirement options and plan effectively.

How does the DaVita Retirement Savings Plan accommodate employees who have previously held jobs with different retirement plans? What documentation is necessary for these employees to successfully roll over their funds to the DaVita Retirement Savings Plan, and how does DaVita ensure compliance with IRS regulations in these situations?

The DaVita Retirement Savings Plan accommodates employees who have held jobs with other retirement plans by allowing rollovers from qualified plans, including 401(k)s, 403(b)s, and IRAs. Employees need to obtain proof of plan qualification and taxability from their previous employer or financial institution. DaVita ensures compliance with IRS regulations by requiring proper documentation, including an IRS Letter of Determination or rollover distribution statement, as noted in the Rollover Contribution Form(DaVita_08_11_2016_Rollo…).

In what ways can DaVita employees maximize their contributions to the DaVita Retirement Savings Plan, particularly considering the IRS contribution limits for 2024? What strategies should employees consider when determining how much to contribute, and how can DaVita support employees in achieving their retirement savings goals?

DaVita employees can maximize their contributions to the Retirement Savings Plan by taking advantage of the IRS contribution limits for 2024. The limit for employee deferrals is expected to be around $23,000, with an additional catch-up contribution of $7,500 for those aged 50 and above. Strategies include contributing enough to receive the full employer match and adjusting contributions to meet future goals. DaVita provides support through educational resources and financial tools available on the Voya platform.

How does DaVita address the investment options available through its Retirement Savings Plan? Specifically, what guidance is provided to employees regarding the selection of investment funds, and how can employees access information about their investment choices within the DaVita Retirement Savings Plan?

DaVita offers a range of investment options in its Retirement Savings Plan, including target date funds, stock funds, and bond funds. The company provides guidance to employees through the Voya website and customer service center, where they can access detailed information about available investment funds. Employees can tailor their portfolios based on their retirement timeline and risk tolerance, and they are encouraged to review their investment choices regularly.

What are the tax implications of withdrawing funds from the DaVita Retirement Savings Plan, and how can employees prepare for this? How does DaVita provide clarity around the tax obligations faced by employees when they begin to access their retirement savings, particularly for those who are unfamiliar with tax rules relating to retirement distributions?

Withdrawing funds from the DaVita Retirement Savings Plan can have significant tax implications. Withdrawals before age 59½ may incur early withdrawal penalties, and all withdrawals are subject to income tax unless they are from a Roth account. DaVita educates employees on these tax rules through its Voya platform, providing clarity on how to manage taxes when accessing retirement savings. Employees are encouraged to consult tax professionals for specific guidance.

How does DaVita educate its employees about the importance of understanding their retirement plan features? What programs or resources are available for employees to learn about financial wellness and retirement readiness, and how frequently does DaVita conduct educational initiatives related to its Retirement Savings Plan?

DaVita educates its employees on retirement plan features through webinars, financial wellness programs, and resources available on the Voya website. These initiatives focus on retirement readiness, savings strategies, and understanding the investment options within the plan. DaVita regularly updates employees through newsletters, and webinars are conducted periodically to keep employees informed about the plan.

In the event of unexpected financial hardships, what options do DaVita employees have regarding loans or early withdrawals from the DaVita Retirement Savings Plan? What do employees need to know about the process and potential penalties associated with accessing their funds early?

In the case of financial hardships, DaVita employees can take loans or early withdrawals from their Retirement Savings Plan. However, early withdrawals may be subject to penalties and taxes, depending on the circumstances. DaVita's Voya service center provides guidance on the process, explaining the potential costs and consequences. Employees are encouraged to explore alternative solutions before opting for early withdrawals to avoid unnecessary penalties.

What role do employees' personal financial goals play when determining their participation in the DaVita Retirement Savings Plan? How can DaVita assist employees in aligning their savings plan with their individual financial objectives, and what external financial consulting resources might they recommend?

Employees' personal financial goals play a key role in determining their participation in the DaVita Retirement Savings Plan. DaVita helps employees align their retirement savings with their broader financial objectives by offering planning tools and resources on the Voya platform. Additionally, external financial advisors or consulting services may be recommended for those needing personalized financial advice.

How can DaVita employees contact the company for more information regarding the Retirement Savings Plan? What specific channels, such as phone numbers or online resources, are available, and what types of inquiries can employees expect to address when contacting DaVita about their retirement savings?

DaVita employees seeking more information about the Retirement Savings Plan can contact the plan’s service center through the Voya website or by calling the dedicated support line. Customer service representatives are available to assist with inquiries related to contributions, investment options, rollovers, and withdrawals. Online resources and account management tools are also accessible for employees who prefer digital support.

How does DaVita ensure that it stays current with regulatory changes that impact employee retirement savings, particularly with respect to IRS limits set for 2024? What processes does DaVita have in place to update employees about these changes, and how does the company maintain transparency regarding its compliance with retirement regulations?

DaVita ensures it stays up to date with regulatory changes, including IRS contribution limits and distribution rules, through regular collaboration with financial service providers and legal experts. The company updates employees via email, webinars, and its Voya platform when changes occur, maintaining transparency about compliance with retirement regulations and keeping employees informed of any adjustments to the plan.