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 RPM International Employee?

Healthcare Provider Update: Healthcare Provider for RPM International RPM International, a company specializing in industrial coatings and sealants, typically offers healthcare plans through major insurers. Employees of RPM International can expect to receive health benefits from providers such as UnitedHealthcare, Aetna, or Cigna, depending on the specific plan choices made available by the company. Healthcare Cost Increases in 2026 As we approach 2026, RPM International employees should brace for a significant rise in healthcare costs. Premiums for Affordable Care Act (ACA) marketplace plans are anticipated to increase sharply, with some states reporting hikes exceeding 60%. A decrease in federal premium subsidies and the continuous rise in medical care costs-including skyrocketing medication prices-are substantial contributing factors. Employees are advised to evaluate employer-sponsored plans alongside marketplace options early to mitigate financial impacts, as many may face increased out-of-pocket expenses that could affect their budget significantly. Click here to learn more

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

Internal management fees might be higher than in a RPM International-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 RPM International-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 RPM International.

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 RPM International offer to its employees?

RPM International offers a 401(k) retirement savings plan to its employees.

Does RPM International provide a company match for employee contributions to the 401(k) plan?

Yes, RPM International provides a company match for employee contributions to the 401(k) plan, helping employees maximize their retirement savings.

What is the eligibility requirement for RPM International employees to participate in the 401(k) plan?

Employees at RPM International are typically eligible to participate in the 401(k) plan after completing a specified period of service, usually within their first year of employment.

Can RPM International employees choose how their 401(k) contributions are invested?

Yes, RPM International employees can choose from a variety of investment options for their 401(k) contributions, including mutual funds and other investment vehicles.

How often can RPM International employees change their 401(k) investment elections?

RPM International employees can change their 401(k) investment elections at any time, allowing them to adjust their investment strategy as needed.

What is the maximum contribution limit for RPM International employees participating in the 401(k) plan?

The maximum contribution limit for RPM International employees is subject to IRS guidelines, which can change annually. Employees should check the current limits for accurate information.

Does RPM International offer a Roth 401(k) option for its employees?

Yes, RPM International offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.

What happens to RPM International employees' 401(k) accounts if they leave the company?

If RPM International employees leave the company, they have several options for their 401(k) accounts, including rolling over the balance to another retirement account or leaving it in the RPM International plan.

Is there a vesting schedule for the company match in RPM International's 401(k) plan?

Yes, RPM International has a vesting schedule for the company match, which means employees must work for a certain period to fully own the matched contributions.

Can RPM International employees take loans against their 401(k) accounts?

Yes, RPM International allows employees to take loans against their 401(k) accounts, subject to specific terms and conditions outlined in the plan.