Social Security for Divorcees for DXC Technology Employees

Divorce can bring with it a unique series of financial challenges. Luckily, for our DXC Technology employees who are going through this and were married for 10 years or more, you can still receive benefits through your ex-spouse, even if they’ve remarried.

'The Social Security Administration allows you to keep the benefits based on your ex’s income if you remarry after age 60.'

To take advantage of this benefit, you must meet some key criteria. You must be at least 62 years old. You must have an ex-spouse who is eligible to receive social security. You must be entitled to a smaller benefit on your own than what you would receive through your ex-spouse.

For our DXC Technology clients who are under 60, you must be currently single to receive an ex-spouse’s benefits. For our clients from DXC Technology who are 60 or older and want to remarry, go for it. The Social Security Administration allows you to keep the benefits based on your ex’s income if you remarry after age 60.

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Now, let’s talk quantity. The amount of money you’re entitled to varies depending on the average amount your ex earned over a 35-year period. In general, your benefit is equal to half of your ex-spouse’s full retirement amount. If your ex-spouse qualifies for benefits but hasn’t claimed them yet, don’t worry. You can still receive spousal benefits if you have been divorced for at least two years, and your ex hasn’t begun to draw Social Security.

While these are some of the more important aspects of Social Security for divorcees, the interplay between various Social Security rules is complex and often confusing. It’s important for our DXC Technology clients who are going through this to consider all of their options carefully.

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

Plan Name: DXC Technology's Pension Plan Years of Service and Age Qualification: Typically, employees need to meet specific age and service requirements to qualify for benefits. For DXC Technology, employees generally need a minimum of 5 years of service and must be at least 55 years old to qualify for full pension benefits. Pension Formula: The pension benefit is calculated based on years of service and salary. For instance, the formula could be a percentage of the average salary multiplied by years of service, but specifics may vary. Plan Name: DXC Technology 401(k) Savings Plan Qualifications: Employees are typically eligible to participate in the 401(k) plan immediately upon employment. Contributions are made through payroll deductions, and DXC Technology often offers a company match up to a certain percentage of employee contributions.

Restructuring and Layoffs: DXC Technology has been actively restructuring its business to streamline operations and improve profitability. In 2023, the company announced significant layoffs as part of its strategy to cut costs and refocus on core business areas. These layoffs are a response to the evolving technology landscape and economic pressures. It's crucial to monitor these changes due to the current economic and investment environment, which impacts how companies adapt to market demands and manage resources. Additionally, tax and political factors influence corporate restructuring decisions.

DXC Technology offers stock options and Restricted Stock Units (RSUs) as part of its employee compensation packages. In 2022, 2023, and 2024, these stock-based incentives were made available primarily to upper-level employees, such as executives and senior management, as part of long-term incentive plans (LTIPs). DXC Technology, referred to by its ticker symbol DXC, uses these plans to retain and reward key personnel while aligning their interests with shareholders. In 2022, the company continued offering RSUs, typically vesting over a multi-year period, often three to four years, based on performance metrics and tenure. Stock options granted to employees allow them to purchase shares at a set price, which may rise in value depending on the company’s market performance. RSUs, in particular, became a more prominent component in DXC's compensation due to stock price volatility, offering guaranteed stock over time rather than depending on option price appreciation.

Health Insurance and Benefits: Information is consistent with other sources, indicating DXC offers a range of medical and wellness benefits. Reviews suggest that while the benefits are solid, there could be improvements in plan options and cost-sharing. Forbes: Recent Healthcare Developments: Forbes has highlighted DXC’s commitment to employee wellness programs, including mental health support. The company has been recognized for its efforts in promoting a healthy work-life balance. Recent Employee Healthcare News 2023: Expansion of Wellness Programs: DXC announced enhancements to its wellness programs, focusing on mental health resources and stress management workshops. This move aligns with a broader trend of improving employee well-being. 2024