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Healthcare Provider Update: Healthcare Provider for Performance Food Group Performance Food Group (PFG) collaborates with Vizient, Inc., a leading healthcare performance improvement company, to enhance its healthcare solutions for its employees. Vizient serves a significant portion of acute care providers and assists healthcare organizations in achieving cost-effective care and operational excellence. Potential Healthcare Cost Increases in 2026 As the healthcare landscape evolves, significant increases in costs are anticipated for 2026, particularly for consumers utilizing Affordable Care Act (ACA) plans. With potential hikes in premiums exceeding 60% in some states, the expiration of enhanced federal subsidies could leave over 22 million marketplace enrollees facing out-of-pocket premium increases of more than 75%. This scenario, compounded by rising medical costs and substantial profit margins reported by major insurers, signals a challenging economic environment for healthcare consumers in the upcoming year. Addressing these anticipated changes early will be critical for both individuals and businesses to mitigate potential financial burdens. Click here to learn more
Choosing an IRA rollover means that your money remains tax-advantaged and capable of growth, as in a Performance Food Group-sponsored plan. You may also gain more investment options than what may have been available in your Performance Food 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 Performance Food 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 Performance Food Group should make before rolling over their money into an IRA, these include:
- Internal management fees might be higher than in a Performance Food 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 Performance Food 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 Performance Food 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 Performance Food Group offer to its employees?
Performance Food Group offers a 401(k) retirement savings plan to its employees.
Does Performance Food Group match employee contributions to the 401(k) plan?
Yes, Performance Food Group provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.
What is the eligibility requirement to participate in the Performance Food Group 401(k) plan?
Employees of Performance Food Group are eligible to participate in the 401(k) plan after completing a specific period of service, typically outlined in the plan documents.
Can employees of Performance Food Group choose how their 401(k) contributions are invested?
Yes, employees can choose from a variety of investment options available within the Performance Food Group 401(k) plan.
How can employees of Performance Food Group enroll in the 401(k) plan?
Employees can enroll in the Performance Food Group 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What is the maximum contribution limit for the Performance Food Group 401(k) plan?
The maximum contribution limit for the Performance Food Group 401(k) plan is in line with IRS guidelines, which may change annually.
Does Performance Food Group offer a Roth 401(k) option?
Yes, Performance Food Group offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.
Are there any fees associated with the Performance Food Group 401(k) plan?
Yes, there may be administrative and investment fees associated with the Performance Food Group 401(k) plan, which are disclosed in the plan documents.
When can employees of Performance Food Group access their 401(k) funds?
Employees can access their 401(k) funds upon reaching retirement age, or in cases of hardship, termination of employment, or other qualifying events as defined by the plan.
How often can employees change their contribution percentage in the Performance Food Group 401(k) plan?
Employees can change their contribution percentage at designated times throughout the year, as specified in the Performance Food Group 401(k) plan guidelines.
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