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Choosing an IRA rollover means that your money remains tax-advantaged and capable of growth, as in a Skechers U.S.A.-sponsored plan. You may also gain more investment options than what may have been available in your Skechers U.S.A.-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 Skechers U.S.A.-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 Skechers U.S.A. should make before rolling over their money into an IRA, these include:
- Internal management fees might be higher than in a Skechers U.S.A.-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 Skechers U.S.A.-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 Skechers U.S.A..
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 Skechers U.S.A. offer to its employees?
Skechers U.S.A. offers a 401(k) retirement savings plan to its employees.
Is there a company match for contributions made to the 401(k) plan at Skechers U.S.A.?
Yes, Skechers U.S.A. provides a company match for eligible employee contributions to the 401(k) plan.
How can employees at Skechers U.S.A. enroll in the 401(k) plan?
Employees at Skechers U.S.A. can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What is the minimum age requirement to participate in the Skechers U.S.A. 401(k) plan?
The minimum age requirement to participate in the Skechers U.S.A. 401(k) plan is 21 years old.
How much can employees contribute to their 401(k) plans at Skechers U.S.A.?
Employees at Skechers U.S.A. can contribute up to the IRS limit for 401(k) contributions, which is adjusted annually.
Does Skechers U.S.A. offer any investment options within the 401(k) plan?
Yes, Skechers U.S.A. offers a variety of investment options within the 401(k) plan, including mutual funds and target-date funds.
Can employees at Skechers U.S.A. take loans against their 401(k) savings?
Yes, Skechers U.S.A. allows employees to take loans against their 401(k) savings under certain conditions.
What happens to the 401(k) plan if an employee leaves Skechers U.S.A.?
If an employee leaves Skechers U.S.A., they have several options for their 401(k) plan, including rolling it over to another retirement account or cashing it out.
Are there any fees associated with the Skechers U.S.A. 401(k) plan?
Yes, there may be administrative fees associated with the Skechers U.S.A. 401(k) plan, which are disclosed in the plan documents.
How often can employees at Skechers U.S.A. change their contribution amounts to the 401(k) plan?
Employees at Skechers U.S.A. can change their contribution amounts to the 401(k) plan at specified times, typically during open enrollment periods.
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