Faqs: Social Security Family Benefits for Fluor Employees and Retirees

Social security is one of the most essential aspects of retirement income for Fluor employees and retirees to understand. Social Security is typically thought of as an additional retirement income stream. It should never be the only source of income, but it can help in times of critical need. A family facing challenges such as the death of a spouse, disability, divorce, or dependent children/parents, should be aware of the benefits to which they dispose of to alleviate the financial pressure they may be under. So how exactly do family benefits work? Generally speaking, you will receive either a percentage of the Social Security benefit, the entire amount of the Social Security benefit, or a family maximum. To help illustrate the difference let’s run through some common questions that we receive from Fluor employees and retirees.

Question: 1 Can my spouse collect Social Security based on my work record?

Answer: This is a question we often receive from Fluor employees and retirees, and understandably so. Yes, spousal benefits are available to a couple who has been married for one year or longer. The maximum they can collect is 50 percent of working spouses' Primary Insurance Amount, otherwise known as Full Retirement Age if they wait until their own Full Retirement Age, or they may collect a further reduced amount starting at age 62. 1

Question: 2 Can my ex-spouse collect Social Security based on my work record?

Answer: Yes. If you were married to your ex-spouse for 10 years or longer, they are currently not married and is age 62 or older. The same benefits apply to you as they do to a current spouse. 1

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Question: 3 What benefits are available to my family in the event that I pass away?

Answer: From working with a large amount of Fluor employees and retirees, there is a lot of concern about how death can affect the financial well-being of the family. As a result, this question comes up quite a bit. There are two parts to consider in the answer. Yes. Your unmarried dependent children under the age of 18, or 19 if attending a primary or secondary school, or disabled as long as disability occurred before the age of 22, are entitled to receive 75 percent of their deceased parent’s PIA up to a family maximum amount. If you are caring for a child under the age of 16 the spouse is entitled to also receive 75 percent of the PIA up to a family maximum. In this situation Social Security has become available immediately to the family to provide additional income. Secondly, a widower can access their deceased spouse’s Social Security benefit at age 60. This is two years earlier than the traditional spousal benefit. As with any situation of taking Social Security early, it will be subject to a percentage reduction of the full benefit. 1

Question: 4 Are my dependent children eligible for Social Security based on my work record?

Answer: This is another concern for many Fluor employees and retirees who have children. Yes, the same eligibility rules apply as if you were deceased. The only change is that your children would only be able to collect 50 percent of your PIA. 1

Question: 5 Is anyone else able to collect benefits off of my record?

Answer: Yes. Your dependent parents may collect off your record presuming that you are deceased and that you were providing for more than 50 percent of their support prior to passing away. This is the least common family benefit that is available. 1 It is important to remember that a family member collecting a Social Security benefit off of your record will not reduce the benefit you are entitled to receive. Applying for the benefits you and your family are entitled to receive can add up to significant income for your family and help to relieve the pressure a life-changing event may have on your resources. We've spoken with many Fluor employees and retirees over the years, and we know that everyone’s situation is unique. There are complicated intricacies of Social Security benefits but luckily with the help of our professional financial advisors, we can help you determine when and how to apply for your benefits.

About The Retirement Group

The Retirement Group is a nation-wide group of financial advisors who work together as a team.

We focus entirely on retirement planning and the design of retirement portfolios for transitioning corporate employees. Each representative of the group has been hand selected by The Retirement Group in select cities of the United States. Each advisor was selected based on their pension expertise, experience in financial planning, and portfolio construction knowledge.

TRG takes a teamwork approach in providing the best possible solutions for our clients’ concerns. The Team has a conservative investment philosophy and diversifies client portfolios with laddered bonds, CDs, mutual funds, ETFs, Annuities, Stocks and other investments to help achieve their goals. The team addresses Retirement, Pension, Tax, Asset Allocation, Estate, and Elder Care issues. This document utilizes various research tools and techniques. A variety of assumptions and judgmental elements are inevitably inherent in any attempt to estimate future results and, consequently, such results should be viewed as tentative estimations. Changes in the law, investment climate, interest rates, and personal circumstances will have profound effects on both the accuracy of our estimations and the suitability of our recommendations. The need for ongoing sensitivity to change and for constant re-examination and alteration of the plan is thus apparent.

Therefore, we encourage you to have your plan updated a few months before your potential retirement date as well as an annual review. It should be emphasized that neither The Retirement Group, LLC nor any of its employees can engage in the practice of law or accounting and that nothing in this document should be taken as an effort to do so. We look forward to working with tax and/or legal professionals you may select to discuss the relevant ramifications of our recommendations.

Throughout your retirement years we will continue to update you on issues affecting your retirement through our complimentary and proprietary newsletters, workshops and regular updates. You may always reach us at (800) 900-5867.

Sources

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

Fluor Corporation's 401(k) Plan: Fluor's 401(k) plan, part of their Employee Savings Investment Plan (ESIP), allows employees to contribute a portion of their salary pre-tax, with Fluor offering a matching contribution. Employees become eligible for this plan immediately upon employment, and the company begins matching contributions after one year of service. The 401(k) plan is a vital part of Fluor's overall benefits package, designed to help employees save for retirement while receiving tax advantages. Fluor Corporation's Pension Plan: Fluor also provides a traditional pension plan to eligible employees. This defined benefit plan calculates retirement benefits based on a formula that considers years of service and final average pay. The specific details, such as age qualification and the pension formula, are detailed in the company's official benefits documents. Generally, employees need to have a minimum number of years of service and meet age requirements to qualify for full pension benefits upon retirement.

Restructuring and Layoffs: In 2023-2024, Fluor Corporation has faced significant changes, including ongoing restructuring efforts aimed at improving profitability and efficiency. These efforts have led to workforce reductions in certain segments, as the company adjusts to evolving market demands and economic pressures. Company Benefit and 401(k) Changes: Fluor has also been involved in a legal dispute over its 401(k) plan fees, reflecting increased scrutiny on retirement benefits. The company has reaffirmed its commitment to providing competitive benefits despite these challenges. It is crucial to address these developments because of the current economic, investment, tax, and political environment, which continues to impact corporate strategies and employee welfare.Pension Adjustments: While no drastic pension changes have been reported, Fluor's ongoing financial adjustments could influence future benefit structures, emphasizing the importance of staying informed on these issues. This news is essential for stakeholders, particularly in light of the shifting regulatory and economic landscape.**

Fluor Corporation has provided its employees with stock options and Restricted Stock Units (RSUs) as part of their compensation package, particularly in recent years, including 2022, 2023, and 2024. These equity compensation options are designed to align the interests of employees with those of shareholders, offering a way to benefit directly from the company's success. Stock Options at Fluor typically allow employees to purchase company stock at a predetermined price, known as the exercise price. These options are often subject to a vesting period, meaning that employees must remain with the company for a certain duration before they can exercise these options. In 2023 and 2024, stock options have been increasingly granted to senior management and key personnel, reflecting the company's focus on retaining top talent during strategic transitions. Restricted Stock Units (RSUs) are also a significant part of Fluor's compensation strategy. RSUs represent a promise to deliver shares of Fluor's stock to employees upon the completion of a vesting period. Unlike stock options, RSUs do not require employees to purchase shares at an exercise price; instead, the shares are delivered outright once vested. In recent years, Fluor has utilized RSUs as a means to attract and retain high-level employees, particularly those involved in critical projects within the company's Energy and Urban Solutions segments.

Fluor Corporation offers a comprehensive range of health benefits to its employees, with updates and changes noted in the years 2022, 2023, and 2024. These benefits typically include medical, dental, and vision plans, along with wellness programs and mental health resources. Fluor's health plans often utilize industry-specific acronyms such as PPO (Preferred Provider Organization) and HSA (Health Savings Account), which are standard across many companies. In recent years, Fluor has faced some challenges, including layoffs and shifts in business strategy, which have impacted employee morale and possibly influenced benefits offerings. For instance, the company has undergone layoffs, and there have been discussions about cost-cutting measures that may indirectly affect employee benefits, though specific details on how these might have impacted healthcare benefits have not been disclosed publicly.