Preparing for retirement at Hilton Grand Vacations can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men are, meaning they may accumulate less income and benefits due to their time absent from the workforce. Research shows that 31% of women are currently or have been caregivers during their careers. Women who are working also tend to put less money aside for retirement. According to one report, women contribute 30% less to their retirement accounts than men.
These numbers may seem overwhelming, but you don’t have to be a statistic. With a little foresight, you can start taking steps now, which may help you in the long run. Here are three steps to consider that may put Hilton Grand Vacations employees ahead of the curve.
- Talk about money. Nowadays, discussing money is less taboo than it’s been in the past, and it’s crucial to take control of your financial future. If you’re single, consider writing down your retirement goals and keeping them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals. The more comfortably you can talk about your future, the more confident you may be to make important decisions when they come up.
- Be proactive about your retirement after Hilton Grand Vacations. Do you have clear, defined goals for what you want your retirement to look like? And do you know where your Hilton Grand Vacations retirement accounts stand today? Being proactive with your Hilton Grand Vacations retirement accounts allows you to create a goal-oriented roadmap. It may also help to adapt when necessary and continue their journey regardless of things like relationship status or market fluctuations.
- Make room for your future in your budget. Adjust your budget to allow for retirement savings, just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a regular basis to make sure you’re on track.
- Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.
- Transamerica.com, 2021
- GAO.gov, 2021
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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 Details:
Pension Plan Name: The specific name of Hilton Grand Vacations' pension plan.
Years of Service and Age Qualification: Criteria for eligibility based on years of service and age.
Pension Formula: How the pension benefit is calculated.
Source Document and Page Number: Where the information is located.
401(k) Plan Details:
401(k) Plan Name: The specific name of Hilton Grand Vacations' 401(k) plan.
Eligibility: Criteria for participating in the 401(k) plan.
Source Document and Page Number: Where the information is located.
Restructuring and Layoffs: Hilton Grand Vacations announced a restructuring plan in early 2024 aimed at streamlining operations and improving efficiency. This included a reduction of approximately 10% of its workforce. The company justified these changes as a necessary step to adapt to the evolving market conditions and ensure long-term sustainability. It is essential to monitor these developments given the broader economic landscape and potential impacts on job security and company performance. 2. Benefit Changes: In late 2023, Hilton Grand Vacations made adjustments to its employee benefits, including changes to healthcare plans and a shift in the company’s retirement plan contributions. These modifications are part of a larger effort to control costs and align benefits with the company's financial strategy. This news is significant in the current investment and tax environment, as it reflects the company’s approach to managing its workforce costs amidst economic uncertainties.**
Hilton Grand Vacations (HGV) provides stock options and RSUs primarily to key executives and senior management. These are granted as part of the company's compensation package and are subject to performance and tenure requirements. According to the company's 2023 proxy statement, stock options are typically granted with a vesting schedule over a four-year period.
Health Benefits: HGV offers a comprehensive benefits package including medical, dental, and vision coverage. Employees can choose from various plan options to suit their needs. Benefits typically include access to preventative care, specialist consultations, and emergency services.
Terms and Acronyms: Commonly used terms include PPO (Preferred Provider Organization), HMO (Health Maintenance Organization), and HDHP (High Deductible Health Plan). Acronyms such as EPO (Exclusive Provider Organization) and FSA (Flexible Spending Account) are also relevant.
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