'Old Republic International 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.
'Old Republic International 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:
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Key Updates on Retirement Benefits— Changes in annuities, cost-of-living adjustments, and Thrift Savings Plan (TSP) contributions.
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Essential Insurance and Healthcare Considerations— Medicare enrollment strategies, FEGLI policy adjustments, and FEDVIP premium updates.
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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 Old Republic International 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 Old Republic International 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 Old Republic International. 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:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
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 is the 401(k) plan offered by Old Republic International?
The 401(k) plan at Old Republic International is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax basis, helping them build a nest egg for retirement.
How does Old Republic International match employee contributions to the 401(k) plan?
Old Republic International offers a company match on employee contributions, which means that for every dollar an employee contributes, the company will match a certain percentage, up to a specified limit.
What are the eligibility requirements for Old Republic International's 401(k) plan?
Employees at Old Republic International typically become eligible for the 401(k) plan after completing a specified period of service, usually within the first year of employment.
Can employees of Old Republic International change their contribution rates to the 401(k) plan?
Yes, employees of Old Republic International can change their contribution rates to the 401(k) plan at designated times throughout the year.
What investment options are available in Old Republic International's 401(k) plan?
The 401(k) plan at Old Republic International offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Is there a vesting schedule for the employer match in Old Republic International's 401(k) plan?
Yes, Old Republic International has a vesting schedule that determines when employees fully own the employer contributions made to their 401(k) accounts.
How can employees of Old Republic International enroll in the 401(k) plan?
Employees can enroll in the 401(k) plan at Old Republic International by completing the necessary enrollment forms, which are typically available through the HR department or the company’s benefits portal.
What is the maximum contribution limit for Old Republic International's 401(k) plan?
The maximum contribution limit for Old Republic International's 401(k) plan is subject to IRS regulations, which may change annually. Employees should check the latest guidelines for the current limit.
Does Old Republic International offer a Roth 401(k) option?
Yes, Old Republic International offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.
What happens to my 401(k) savings if I leave Old Republic International?
If you leave Old Republic International, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the Old Republic International plan if permitted.
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