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Healthcare Provider Update: Healthcare Provider for GEO Group GEO Group, a prominent provider of correctional and community-based services, often relies on a variety of managed care organizations and healthcare service providers to address the healthcare needs of the populations they serve within correctional facilities and community programs. Specific partnerships may vary based on location and operational requirements, but they typically engage with well-established healthcare networks to deliver comprehensive medical, dental, and mental health services. Potential Healthcare Cost Increases in 2026 Healthcare costs are anticipated to surge significantly in 2026, driven by a convergence of factors including rising medical expenses and the potential expiration of enhanced federal premium subsidies under the Affordable Care Act (ACA). Many states are looking at premium hikes upwards of 60%, with over 22 million marketplace enrollees potentially facing more than a 75% increase in out-of-pocket premiums. This situation is exacerbated by ongoing trends of elevated hospital, physician, and drug costs, as well as systemic pressures from labor shortages within healthcare that collectively strain the financial landscape for both insurers and consumers alike. Understanding these impending changes is crucial for effective financial planning ahead of the 2026 healthcare landscape. Click here to learn more
Choosing an IRA rollover means that your money remains tax-advantaged and capable of growth, as in a GEO Group-sponsored plan. You may also gain more investment options than what may have been available in your GEO Group-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.
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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 GEO Group-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 GEO Group should make before rolling over their money into an IRA, these include:
- Internal management fees might be higher than in a GEO Group-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 GEO Group-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 GEO Group.
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 type of retirement plan does GEO Group offer to its employees?
GEO Group offers a 401(k) retirement savings plan to help employees save for their future.
Does GEO Group match employee contributions to the 401(k) plan?
Yes, GEO Group provides a matching contribution to employee 401(k) accounts, subject to specific terms and conditions.
What is the eligibility requirement for GEO Group employees to participate in the 401(k) plan?
Employees of GEO Group are typically eligible to participate in the 401(k) plan after completing a specified period of service, usually within the first year of employment.
How can GEO Group employees enroll in the 401(k) plan?
GEO Group employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What types of investment options are available in GEO Group's 401(k) plan?
GEO Group's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Can GEO Group employees change their contribution amounts to the 401(k) plan?
Yes, GEO Group employees can adjust their contribution amounts to the 401(k) plan at any time, subject to plan rules.
What is the maximum contribution limit for GEO Group's 401(k) plan?
The maximum contribution limit for GEO Group's 401(k) plan aligns with the IRS guidelines, which may change annually.
Does GEO Group allow employees to take loans against their 401(k) savings?
Yes, GEO Group permits employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What happens to GEO Group employees' 401(k) accounts if they leave the company?
If GEO Group employees leave the company, they can choose to roll over their 401(k) account to another retirement plan, cash out, or leave the funds in the GEO Group plan, depending on eligibility.
Are there any fees associated with GEO Group's 401(k) plan?
Yes, there may be administrative fees and investment-related expenses associated with GEO Group's 401(k) plan, which are disclosed in the plan documents.
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