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Is a Rollover into an IRA the Right Move for You as a SiteOne Landscape Supply Employee?

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

Internal management fees might be higher than in a SiteOne Landscape Supply-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 SiteOne Landscape Supply-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 SiteOne Landscape Supply.

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 401(k) plan offered by SiteOne Landscape Supply?

The 401(k) plan at SiteOne Landscape Supply is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.

How can employees at SiteOne Landscape Supply enroll in the 401(k) plan?

Employees can enroll in the 401(k) plan by completing the enrollment form available on the SiteOne Landscape Supply employee portal or by contacting the HR department for assistance.

Does SiteOne Landscape Supply offer any matching contributions to the 401(k) plan?

Yes, SiteOne Landscape Supply offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.

What is the vesting schedule for the 401(k) matching contributions at SiteOne Landscape Supply?

The vesting schedule for matching contributions at SiteOne Landscape Supply typically follows a graded vesting schedule, where employees earn ownership of the match over a period of time.

Can employees at SiteOne Landscape Supply take loans against their 401(k) savings?

Yes, SiteOne Landscape Supply allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan documents.

What investment options are available in the SiteOne Landscape Supply 401(k) plan?

The SiteOne Landscape Supply 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

Is there a minimum contribution requirement for the 401(k) plan at SiteOne Landscape Supply?

Yes, SiteOne Landscape Supply has a minimum contribution requirement for employees who wish to participate in the 401(k) plan, which is detailed in the plan documents.

How often can employees at SiteOne Landscape Supply change their 401(k) contribution percentage?

Employees at SiteOne Landscape Supply can change their 401(k) contribution percentage at any time, subject to the plan's rules regarding frequency and notice.

What happens to the 401(k) plan if an employee leaves SiteOne Landscape Supply?

If an employee leaves SiteOne Landscape Supply, they have several options for their 401(k) savings, including rolling over the balance to another retirement account, cashing out, or leaving the funds in the SiteOne plan if eligible.

Does SiteOne Landscape Supply provide educational resources for employees regarding their 401(k) plan?

Yes, SiteOne Landscape Supply offers educational resources and workshops to help employees understand their 401(k) plan options and make informed investment decisions.