Career Professional

  • Financial security
  • Reducing debt
  • Staying on track

Whatever your current priorities are, it’s important to stay on track for your retirement. There’s a lot to consider, from when you’ll be ready to retire to how much you’ll need to pay for health care costs.

To be happy, healthy, and ready for tomorrow, you need to be confident about your finances. Explore the following benefits and resources that are designed to support your specific needs — and boost your financial wellbeing!

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Build your retirement strategy

  • Now is a good time to review your contributions to the 401(k) plan and increase them if you can. Vanguard has an automatic increase feature that allows you to increase your contribution from 1% - 3% on an annual basis. If you’re over age 50, you may contribute up to an additional $6,000 in before-tax dollars to your 401(k) in 2019. Catch up on contributions today by visiting the Vanguard website.
  • Your investment needs will also change over time. It’s a good idea to make sure your 401(k) asset mix is on track to provide income in retirement. Online tools and resources from Vanguard can help.
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  • Planning for health care expenses is a key consideration with any retirement strategy. The CDHP is the only plan that pairs with a personal tax-free Health Savings Account (HSA). An HSA not only saves you money on eligible health care expenses, but it has triple-tax advantages: Your contributions go into your account tax-free, can be withdrawn tax-free and earn interest tax-free. What’s more, National Grid makes contributions to your account to help you grow your balance.
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  • And, don’t forget Medicare, whether you’re looking ahead to your own retirement or helping your parents manage theirs, knowing what to expect from Medicare can help.
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Note: If you have a defined benefit pension plan (traditional or cash balance), you can go to the Pension Connect Center and use the pension modeler to see how much you will be entitled to in retirement. You can add other savings you may have to the modeler to view your total retirement income and you can also use it to estimate expenses and Social Security benefits. You can even include your 401(k) balance from Vanguard in the modeler.

You can call the Pension Connect Center at 855-464-2367 to speak to a representative who will take the time to answer any questions you may have about your pension benefit or the retirement process. Also, it is important to understand your Social Security benefits.

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Share in the company’s growth and grow your income

By enrolling in the Employee Stock Purchase Plan (ESPP), you have the opportunity to buy American Depository Shares (ADS's) of National Grid stock at a 15% discount and sell them later to help fund your retirement. Dividends on the shares are paid twice each year and can also be reinvested at a discount. Purchasing company stock is a great way for you to share in the growth of the company.

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Evaluate your college savings plan and eliminate debt (For Management Only)

  • To best support your child’s educational future, start saving for college now. Use the resources available through Bright Horizon’s College Coach, a part of the Bright Horizons Care Advantage Program®, to estimate your total costs, determine how much you need to save, and form a plan to get there.
  • There are also student loan repayment options available to you through the Student Loan Repayment Program. Through this valuable program administered by Tuition.io, the company will make payments toward the principal portion of your or your child’s student loans, if the loan is in your name.
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Keep your will up to date (For Management, Local 101, Local 1049, Local 3, Local 318, 350/369, Local 13507, Local 12003, 12012-04)

A carefully prepared and up-to-date will is an important way to ensure your loved ones will benefit from your assets in the way you intend. If you’re enrolled in Hyatt Legal Plans, you’ve got coverage for the cost of a variety of common legal services, such as will preparation. If you're not enrolled, think about legal services you might need and see if the plan is right for you.

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Secure your family’s finances

Your disability or death could present a significant financial hardship for your family. All employees receive company-paid basic life coverage and most receive basic AD&D, which provide valuable protection. But you may want to expand this coverage with optional life and AD&D insurance so your family will have the protection they need if the unexpected happens.

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Get care for your family members (For Management Only)

You have access to back-up child and elder care services at a discounted price through the Bright Horizons Care Advantage Program®. Register today so you have a plan in place if your sitter is sick or your day care center is closed.

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Think about more protection for unexpected expenses

An accident, disability or death could present a significant financial hardship for your family. Consider adding more protection with a voluntary medical plan that pays cash benefits directly to you if you experience an accidental injury, certain critical illness or certain inpatient or outpatient hospital treatments. Separate plans are available for hospital stays, accidents, and critical illness. You have the opportunity to enroll during our benefits open enrollment. (For everyone EXCEPT Local 12431, Local 13507 and Local 12003, 12012-04)

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Coordinate medical care with help from BCBS

From translating confusing medical bills to researching health care options and costs, Enhanced Care Management (for BCBS members only) is available to help you navigate the complex health care system and save money. Enhanced Care Management can assist with resolving billing issues, finding providers, scheduling appointments and more. It’s a free service available to you and your family members (including your parents).

Call 1-800-287-8757, Monday through Friday, 8:00 a.m. to 9:00 p.m. ET.

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Learn about car, home or pet insurance

Protect your car — and save money — with discounted coverage through the group auto insurance program. You can call 1-855-861-4282 for renter’s and homeowner’s insurance.

For Management employees, click here.

Your pet’s health is also important to you, but the cost of helping him or her if something goes wrong is hard to think about. Consider pet insurance, which provides coverage for veterinary care. (For Management Only)

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Get support for personal and work concerns

It’s natural to feel a little overwhelmed. If you’d like some support with personal and work/life concerns, the free Employee Assistance Program (EAP) is here to help you. The EAP, provided by Corporate Counseling Associates, is a confidential resource that offers online seminars, help finding providers, ways to manage your finances, assistance with alcohol and substance abuse and makes referrals to professionals like counselors or financial planners.

Access free, confidential counseling or assistance by phone at 1-800-833-8707 or online (Company Code: National Grid).

National Grid has several Employee Resource Groups that help maintain an inclusive workforce. The ERGs allow you to connect with other employees who have a similar background and interests as you. They can be a good resource if you need some help. To find out more about the ERGs, go to the Infonet.

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