So often when we talk about health we tend to limit the conversation to our physical well-being, but let’s face it, feeling financially fit is important, too. Here’s some good news about Pearson’s recent contribution to your retirement account, helpful Medicare information and the opportunity coming again in June to own stock in our company.
Pearson Makes Annual Company Contribution to your 401(k)
The annual company contribution was credited to your Pearson Retirement Plan 401(k) account in March. You received a contribution for 2015 if you were actively employed on December 31, 2015, and were eligible to participate in the Plan — whether or not you were actually saving in the Plan. In total, Pearson contributed approximately $16 million for the 2015 annual company contribution.
If you or a loved one is approaching age 65, in some instances, you will automatically get Part A and Part B starting the first day of the month you turn 65. Medicare enrollment materials are typically mailed out three months prior to your 65th birthday.However, if you (or a spouse) are still actively employed and covered under an employer sponsored group health plan you may delay Medicare enrollment (Part A and/or Part B) until after your employment ends.
Note: If you will be leaving the company and are eligible for Medicare as of your separation date, it is extremely important that you are enrolled in Medicare on or before your COBRA effective date. At which point, Medicare will be your primary coverage and COBRA medical will be secondary.
For specific details regarding Medicare eligibility/enrollment, please contact the Social Security Administration (SSA) at 1-800-772-1213 or visit the SSA website. For additional details regarding Medicare benefits/costs/plans please contact Medicare at 1-800-633-4227 or visit the Medicare website.
Employee stock purchase plan – the next opportunity
As an employee at Pearson, you contribute to the success of the company every day. Through the Employee Stock Purchase Plan (ESPP), you can continue to support and share in our achievements. Here’s how it works:
- The ESPP provides eligible employees with the opportunity to purchase Pearson stock at a 15% discount through after-tax payroll deductions.
- Stock is offered through the ESPP in six-month intervals called the “Offering Period.”
- To be eligible for the ESPP, you must be employed on the first day of the Offering Period and work more than 20 hours per week and five months per year.
- On the last day of each offering period, the amount you saved will be used to purchase shares of Pearson stock.
- The price per share will be a 15% discount of the lower of either the market value of the shares at the beginning or close of the offering period. The shares you purchase belong to you and are maintained in an account managed by Computershare Shareowner Services.
The next offering period for the ESPP is July 1, 2016 through December 31, 2016. Enrollment for this offering period will occur in June. For more information on ESPP enrollment, visit the plan’s website and click on the “Pearson plc Employee Stock Purchase Plan” link. You can also speak with a plan representative by calling Empower Retirement at 1-800-345-2345. Look for the next ESPP Open Enrollment email in June.
REMINDER: The current “Offering Period” ends June 30, 2016, which means that the actual purchase of shares will take place early July.