New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

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

Healthcare Provider Update: Healthcare Provider for Gilead Sciences Gilead Sciences, a leading biopharmaceutical company known for its innovative therapies, typically partners with various healthcare providers and networks to facilitate patient access to its medicines. Specific details about Gilead's healthcare providers can vary by region and therapeutic area, but they often collaborate with hospitals, specialty clinics, pharmacies, and physicians nationwide to ensure effective treatment and management of diseases, particularly in areas like HIV, oncology, and liver diseases. Potential Healthcare Cost Increases in 2026 In 2026, healthcare costs are anticipated to rise significantly due to a combination of factors affecting the Affordable Care Act (ACA) marketplace. With some states projecting premium increases of over 60%, the expiration of enhanced federal subsidies could lead to over 22 million enrollees experiencing out-of-pocket premium spikes exceeding 75%. Contributing to these increases are escalating medical costs driven by inflation, higher utilization of healthcare services, and record profitability reported by major insurers, which are amplifying price pressures on consumers seeking affordable healthcare solutions. Click here to learn more

Choosing an IRA rollover means that your money remains tax-advantaged and capable of growth, as in a Gilead Sciences-sponsored plan. You may also gain more investment options than what may have been available in your Gilead Sciences-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 Gilead Sciences-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 Gilead Sciences should make before rolling over their money into an IRA, these include:

Internal management fees might be higher than in a Gilead Sciences-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 Gilead Sciences-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 Gilead Sciences.

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

Name of Pension Plan: Gilead Sciences does not appear to have a traditional defined benefit pension plan as of the latest information for 2022, 2023, and 2024. Instead, the company emphasizes its 401(k) plan as a primary retirement benefit. Pension Formula and Qualification: Since there is no traditional defined benefit pension plan, there are no specific formulas or age/service qualifications related to a pension plan. Name of 401(k) Plan: Gilead Sciences 401(k) Plan 401(k) Plan Eligibility: Employees are eligible to participate in the Gilead Sciences 401(k) Plan upon meeting certain criteria, including a minimum period of employment which is typically 30 days. Contribution Details: Gilead Sciences offers a matching contribution to the 401(k) Plan, with the company matching a percentage of employee contributions up to a specific limit.

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Gilead Sciences Stock Options and RSUs Stock Options and RSUs Overview: Gilead Sciences has offered stock options and Restricted Stock Units (RSUs) as part of its compensation package. For Gilead Sciences, stock options are typically granted to executives and key employees based on individual performance and company goals. RSUs at Gilead Sciences are generally awarded to a broader range of employees, including those in key roles, to align their interests with shareholder value.

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