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Emerson Electric: Social Security and Medicare

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Social Security

Identifying optimal ways to claim Social Security is essential to your retirement income planning. For many retirees, understanding and claiming Social Security can be difficult. Social Security benefits are not designed to be the sole source of your retirement income, but rather a part of your overall withdrawal strategy. Knowing the foundation of Social Security and using this knowledge to your ad-vantage can help you claim your maximum benefit. 

It is your responsibility to enroll in Medicare parts A and B when you first become eligible — and you must stay enrolled to have coverage for Medicare-eligible expenses. This applies to your Medicare eligible dependents as well. 

 

You should know how your retiree medical plan choices or Medicare eligibility impact your plan options. Before you retire, contact the U.S. Social Security Administration directly at (800) 772-1213, call your local Social Security Office or visit ssa.gov. They can help determine your eligibility, get you and/or your eligible dependents enrolled in Medicare or provide you with other government program information.

Next Step:

Check the status of your Social Security benefits before you retire. Contact the U.S. Social Security Administration by calling 800-772-1213. You can also call your local Social Security office or visit ssa.gov.

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Medicare

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If you or your dependents are currently or will become eligible for Medicare after you leave Emerson Electric, Medicare generally becomes the primary coverage for you or any of your dependents as soon as the individual becomes eligible for Medicare. This will affect your company-provided medical benefits. You and your Medicare-eligible dependents must enroll in Medicare Parts A and B when you first become eligible. Medical and MH/SA benefits payable under the company-sponsored plan will be reduced by the amounts Medicare Parts A and B would have paid whether you actually enroll in them or not. For details on coordination of benefits, refer to your summary plan description (SPD)(2). 

If you or your eligible dependent do not enroll in Medicare Parts A and B, your provider can bill you for the amounts that are not paid by Medicare or your Emerson Electric medical plan, making your out-of-pocket expenses significantly higher.

According to the Employee Benefit Research Institute (EBRI), Medicare will only cover about 60% of an individual’s medical expenses. This means a 65-year-old couple with prescription-drug expenses at the midpoint of their peers will need $259,000 in savings to have a 90% chance of covering their healthcare expenses. A single male will need $124,000 and a single female, thanks to her longer life expectancy, will need $140,000.

Next Step:

Get Medicare prescription drug information by visiting medicare.gov.

Check your SPD Summary(2) to see if you're eligilble to enroll in Medicare Parts A and B (2). If you become Medicare eligible for reasons other than age, you must contact the Emerson Electric Benefits Center about your status.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
astman Chemical offers its employees both a pension plan and a 401(k) plan under specific terms for the years 2022, 2023, and 2024. Eastman's 401(k) plan, called the Eastman Investment and Employee Stock Ownership Plan (EIP), includes an automatic enrollment feature at a 7% deferral rate, which increases annually until 10%. The company offers a 50% match on every dollar contributed up to 7%, and an additional Retirement Savings Contribution (RSC) of 5% for eligible participants. The 401(k) plan also provides options for both traditional pre-tax and Roth contributions, giving employees flexibility in tax treatment​ (MyEastmanBenefits). Eastman Chemical's pension plan is part of a defined benefit structure. As of 2022, the company’s U.S. pension plan had assets totaling $1.798 billion, with projected benefit obligations of $2.05 billion, providing a funding ratio of 87.7%. The plan includes provisions for service-based accruals, where the formula incorporates years of service and age requirements to determine eligibility​
Restructuring and Layoffs: In 2023, Emerson Electric announced a significant restructuring effort aimed at streamlining operations and improving efficiency. This included a reduction in workforce by approximately 5% as part of a broader initiative to cut costs and enhance profitability. The restructuring was a strategic response to challenges in the market and aimed to position the company for future growth. It is important to address this news given the current economic climate, where companies are actively restructuring to navigate financial pressures and shifting market demands. This restructuring also reflects broader trends in the industry where firms are adjusting their operations to remain competitive.
Emerson Electric offered stock options and RSUs to its employees as part of its incentive compensation plan. Stock options were granted to executives and senior management, while RSUs were made available to a broader group, including mid-level managers. This structure was designed to align employee interests with company performance.
2022: Emerson Electric’s health benefits typically include medical, dental, and vision coverage. They offer a range of plan options, including high-deductible health plans and Health Savings Accounts (HSAs). 2023: Continued emphasis on wellness programs, mental health support, and preventive care. Updates may include adjustments to plan options or coverage levels. 2024: Expect improvements in telemedicine services and additional mental health resources. Enhanced wellness programs are likely part of their benefits.
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For more information you can reach the plan administrator for Emerson Electric at 8000 West Florissant Avenue St. Louis, MO 63136; or by calling them at (314) 553-2000.

https://www.thelayoff.com/#google_vignette https://pensionrights.org/ https://www.emerson.com/global

*Please see disclaimer for more information