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 Ingersoll Rand Employee?

Healthcare Provider Update: Healthcare Provider for Ingersoll Rand Ingersoll Rand, a global leader in industrial technology, offers health insurance coverage primarily through its employer-sponsored health plans. The company's healthcare benefits are managed through various health insurance providers that include access to comprehensive medical plans, wellness programs, and healthcare networks aimed at promoting employee health and productivity. Overview of Potential Healthcare Cost Increases in 2026 As we approach 2026, healthcare costs are projected to rise significantly due to a perfect storm of factors impacting the Affordable Care Act (ACA) marketplace. With anticipated premium hikes exceeding 60% in some states, coupled with the expiration of enhanced federal subsidies, many consumers could face out-of-pocket premium increases of over 75%. Insurers attribute these hikes to escalating medical costs, increased service utilization, and a challenging regulatory environment. This scenario places a heavy financial burden on individuals and families, emphasizing the need to strategically navigate healthcare choices in the upcoming year. Click here to learn more

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

Internal management fees might be higher than in a Ingersoll Rand-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 Ingersoll Rand-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 Ingersoll Rand.

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 Ingersoll Rand 401(k) plan?

The Ingersoll Rand 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them prepare for retirement.

How does Ingersoll Rand match employee contributions to the 401(k) plan?

Ingersoll Rand offers a company match on employee contributions up to a certain percentage, which helps employees maximize their retirement savings.

When can I enroll in the Ingersoll Rand 401(k) plan?

Employees can typically enroll in the Ingersoll Rand 401(k) plan during their initial onboarding or during the annual open enrollment period.

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

The Ingersoll Rand 401(k) plan offers a range of investment options, including mutual funds, target-date funds, and other investment vehicles to suit various risk tolerances.

How can I change my contribution rate to the Ingersoll Rand 401(k) plan?

Employees can change their contribution rate to the Ingersoll Rand 401(k) plan by accessing the benefits portal or contacting the HR department for assistance.

Is there a vesting schedule for the Ingersoll Rand 401(k) company match?

Yes, the Ingersoll Rand 401(k) plan has a vesting schedule that determines how much of the company match you own based on your years of service.

Can I take a loan from my Ingersoll Rand 401(k) plan?

Yes, employees may be able to take a loan from their Ingersoll Rand 401(k) plan, subject to specific terms and conditions outlined in the plan documents.

What happens to my Ingersoll Rand 401(k) if I leave the company?

If you leave Ingersoll Rand, you can choose to roll over your 401(k) balance to another retirement account, withdraw the funds, or leave it in the Ingersoll Rand plan if permitted.

How often can I change my investment allocations in the Ingersoll Rand 401(k) plan?

Employees can change their investment allocations in the Ingersoll Rand 401(k) plan as often as they wish, subject to any restrictions set by the investment options.

What is the minimum contribution percentage for the Ingersoll Rand 401(k) plan?

The minimum contribution percentage for the Ingersoll Rand 401(k) plan may vary, but employees are encouraged to contribute at least enough to receive the full company match.

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

Ingersoll Rand's employee pension plan and 401(k) offerings have evolved over the years, with different structures for various categories of employees. The company originally established the Ingersoll Retirement Plan in 1988 as a single-employer, non-contributory defined benefit corporate pension (PitchBook). This plan provided retirement, pension, survival, and death benefits to retired and terminated employees of Ingersoll Rand, specifically covering those entitled to benefits under former company plans that were merged into the main plan (PitchBook). This pension plan was terminated in 2003 and is now administered under the Pension Benefit Guaranty Corporation (PBGC) (PBGC). Ingersoll Rand also offers a 401(k) plan, which includes company contributions to employee retirement savings. As of 2023, Ingersoll Rand provides a matching contribution of 2% to the 401(k) plan for employees, although this percentage has varied based on employee classification and company policy (PBGC). The Ingersoll Rand 401(k) plan allows employees to contribute up to the IRS limit, with catch-up contributions available for employees aged 50 and above (

ayoffs and Facility Closure: Ingersoll Rand announced the closure of its Kent facility by May 2023, affecting approximately 69 employees. The closure was part of the company’s broader strategy to consolidate operations within their Power Tools and Lifting business. By streamlining production, the company aims to improve efficiency, reduce costs, and enhance customer service through faster delivery times and lower expenses. Employees affected by the closure were offered severance packages and outplacement services to assist them in transitioning to new jobs (Kent Reporter). This news is critical to address because it reflects the ongoing corporate restructuring amid broader economic challenges, impacting local job markets and tax revenues. With the current political landscape emphasizing job preservation, the closure signals important shifts in corporate strategies to sustain profitability and respond to economic pressures. Understanding these trends helps stakeholders evaluate the ripple effects on the industrial sector and regional employment

Ingersoll Rand offers a variety of employee stock options and Restricted Stock Units (RSUs) as part of their compensation packages, particularly for executives and key personnel. These stock options allow employees to purchase shares of Ingersoll Rand (NYSE: IR) at a set price, typically based on a vesting schedule linked to continued service or specific performance milestones. RSUs are granted as shares of the company that vest over time, becoming available upon meeting set conditions. Both stock options and RSUs are critical components of Ingersoll Rand's employee compensation, helping to incentivize long-term commitment and performance (Ingersoll Rand) (Ingersoll Rand). Ingersoll Rand employees, especially at the executive and managerial levels, are eligible for these stock options and RSUs. The company's leadership places high importance on retaining top talent through these financial incentives, aligning their interests with the success of the company. In 2022, 2023, and 2024, Ingersoll Rand continued to enhance these offerings, emphasizing performance-based vesting to ensure that key contributors remain focused on achieving strategic goals

Ingersoll Rand provides a comprehensive health benefits package that includes medical, dental, vision, and prescription drug coverage. Their wellness programs also offer flexible spending accounts (FSAs), health savings accounts (HSAs), and access to an employee assistance program (EAP). In recent years, Ingersoll Rand has emphasized its commitment to employee well-being by enhancing mental health support, offering telemedicine options, and expanding coverage for preventive care. This focus on wellness aligns with the company’s broader mission of creating a supportive work environment

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For more information you can reach the plan administrator for Ingersoll Rand at , ; or by calling them at .

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