Social Security for Divorcees for Global Payments Employees

Divorce can bring with it a unique series of financial challenges. Luckily, for our Global Payments 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 Global Payments clients who are under 60, you must be currently single to receive an ex-spouse’s benefits. For our clients from Global Payments 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 Global Payments 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.

Pension Plan Information: Name of Pension Plan: Global Payments does not offer a traditional defined benefit pension plan as of the latest information. Instead, their retirement benefits are provided through a defined contribution plan. Years of Service and Age Qualification: Since there is no traditional pension plan, there are no specific years of service or age qualifications for a pension plan. Pension Formula: Not applicable due to the absence of a defined benefit pension plan. Source: Information about the absence of a traditional pension plan is available in the Global Payments 2023 Form 10-K, page 51. 401(k) Plan Information: Name of 401(k) Plan: Global Payments 401(k) Plan Qualification for 401(k) Plan: Employees are eligible to participate in the Global Payments 401(k) Plan after completing 30 days of service. 401(k) Plan Features: Contribution Limits: Employees can contribute up to the IRS annual limit. Company Match: Global Payments matches employee contributions up to a certain percentage, typically a percentage of the employee's salary.

Restructuring & Layoffs: In early 2024, Global Payments announced a restructuring plan aimed at streamlining operations and reducing costs. This move included the layoff of approximately 5% of its workforce, primarily affecting roles in administrative and support functions. The company cited the need to adapt to shifting market conditions and enhance operational efficiency as the primary reasons for this decision. Benefit Changes: Alongside the restructuring, Global Payments updated its employee benefits package. Changes included adjustments to healthcare plans and a reduction in retirement benefits contributions. The company stated that these modifications were necessary to maintain competitive positioning and financial stability in the face of economic uncertainties and evolving market dynamics.

Search for stock option and RSU information on Global Payments for 2022, 2023, and 2024: Look for annual reports, financial statements, and SEC filings. Identify the acronyms used for stock options and RSUs. Note who is eligible to receive stock options and RSUs at Global Payments. Document the source and page number of the information: Record the URL and specific page number from the documents where the information is located. Summarize the findings:

Check Global Payments’ official website for the most accurate and detailed information on their health benefits. Corporate Benefits Pages: Look for specific pages dedicated to employee benefits or healthcare plans on the company's site. News Websites: Search for recent news articles related to Global Payments' healthcare benefits or changes to their employee health plans. Industry Reports: Review industry reports or analysis for any insights into Global Payments' health benefits strategy. Employee Reviews and Forums: Check sites like Glassdoor or Indeed for employee feedback on the company's health benefits.