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Is a Rollover into an IRA the Right Move for You as a Atkore Employee?

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Choosing an IRA rollover means that your money remains tax-advantaged and capable of growth, as in a Atkore-sponsored plan. You may also gain more investment options than what may have been available in your Atkore-sponsored plan. You may also gain oversight of managing these important retirement assets from your trusted Advisor.

If you roll your retirement plan assets over into an IRA account that you already own through your Advisor, you also receive the benefit of combined statements and holistic investment planning, making it easier to track your overall financial situation.

'Receive the benefit of combined statements and holistic investment planning, making it easier to track your overall financial situation.'

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Some of the benefits of rolling your money into an IRA include:

Tax-deferred growth potential: This generally avoids current income tax and distribution penalties when removed from a Atkore-sponsored retirement plan.

More investment choices: This allows for additional contributions, if eligible. IRAs can be combined and handled by one provider, thereby reducing trustee costs and consolidating statements. Protection from creditors in federal bankruptcy proceedings. The combined amount of your required minimum distributions (RMDs) can be taken from any of your Traditional, SEP or SIMPLE IRAs.

However, there are also some important considerations that Atkore should make before rolling over their money into an IRA, these include:

Internal management fees might be higher than in a Atkore-sponsored retirement plan.
Fees and expenses depend largely on the investments you choose.
Loans from an IRA are not allowed.
Early distributions may be subject to a 10% IRS tax penalty in addition to income tax.
RMDs begin April 1 following the year you reach 70½ and annually thereafter; leaving the money in the former Fortune-500 plan may allow RMDs to be delayed until separation from service.
IRAs are subject to state laws governing malpractice, divorce, creditors (outside of bankruptcy), and other lawsuits; leaving the money in the former Atkore-plan may provide additional protection against creditors.
Net unrealized appreciation (NUA) is the difference between what you paid for employer securities and their increased value. You lose favorable tax treatment of NUA if the funds are rolled into an IRA.

Hopefully, these insights will be helpful as you plan your retirement from Atkore.

For more information about this topic, view our e-book here: https://retirekit.theretirementgroup.com/will-your-retirement-plan-retire-with-you-e-brochure-offer

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What is the Atkore 401(k) plan?

The Atkore 401(k) plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax basis.

How can Atkore employees enroll in the 401(k) plan?

Atkore employees can enroll in the 401(k) plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.

Does Atkore offer a company match for 401(k) contributions?

Yes, Atkore offers a company match for employee contributions to the 401(k) plan, which helps employees maximize their retirement savings.

What is the maximum contribution limit for Atkore’s 401(k) plan?

The maximum contribution limit for Atkore’s 401(k) plan is determined by the IRS guidelines, which are updated annually. Employees should check the latest limits for the current year.

Can Atkore employees change their contribution percentage to the 401(k) plan?

Yes, Atkore employees can change their contribution percentage at any time by accessing their account through the benefits portal.

What investment options are available in the Atkore 401(k) plan?

The Atkore 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

When can Atkore employees start withdrawing from their 401(k) plan?

Atkore employees can start withdrawing from their 401(k) plan without penalty after reaching the age of 59½, or under certain circumstances such as financial hardship.

Does Atkore allow loans against the 401(k) plan?

Yes, Atkore allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan documents.

Are there any fees associated with the Atkore 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with the Atkore 401(k) plan. Employees should review the plan documents for detailed information.

How often can Atkore employees change their investment options within the 401(k) plan?

Atkore employees can change their investment options within the 401(k) plan at any time, allowing for flexibility in managing their retirement savings.

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

Atkore announced a restructuring plan aimed at streamlining operations and reducing costs, which includes layoffs across several divisions. The company has also indicated changes to its benefits program to align with its new operational focus. These changes come as part of a broader strategy to enhance financial stability and efficiency.

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For more information you can reach the plan administrator for Atkore at 16100 South Lathrop Avenue Harvey, IL 60426; or by calling them at +1 708-339-1610.