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Healthcare Provider Update: Healthcare Provider for Under Armour Under Armour's healthcare benefits are managed through a partnership with various national insurers that provide coverage options for their employees. While specific healthcare providers may vary based on the individual plans and geographic location, major insurers involved in employer-sponsored plans, such as Aetna, UnitedHealthcare, and Anthem, are known to offer various health plans that Under Armour employees can choose from. Potential Healthcare Cost Increases in 2026 In 2026, Under Armour employees may face significant healthcare cost increases as insurance premiums through the Affordable Care Act (ACA) marketplace are projected to surge. With several states expecting hikes of over 60%, the termination of enhanced federal subsidies could leave many employees with out-of-pocket premium costs soaring by more than 75%. Companies, including Under Armour, are also likely to adjust their health benefit structures, potentially shifting a greater share of expenses to employees amid rising medical costs. Employees are encouraged to stay informed and strategically evaluate their health plan options, as proactive planning can mitigate the impact of these escalating costs., 'sources': [], 'images': [] Click here to learn more
Choosing an IRA rollover means that your money remains tax-advantaged and capable of growth, as in a Under Armour-sponsored plan. You may also gain more investment options than what may have been available in your Under Armour-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 Under Armour-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 Under Armour should make before rolling over their money into an IRA, these include:
- Internal management fees might be higher than in a Under Armour-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 Under Armour-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 Under Armour.
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 Under Armour?
Under Armour offers a 401(k) plan that allows employees to save for retirement through pre-tax and Roth after-tax contributions.
How does Under Armour match employee contributions to the 401(k) plan?
Under Armour provides a matching contribution to the 401(k) plan, typically matching a percentage of the employee's contributions up to a certain limit.
When can employees enroll in Under Armour's 401(k) plan?
Employees at Under Armour can enroll in the 401(k) plan during their initial onboarding period or during the annual open enrollment period.
What investment options are available in Under Armour's 401(k) plan?
Under Armour's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, to help employees diversify their retirement savings.
Can employees take loans against their 401(k) savings at Under Armour?
Yes, Under Armour allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What happens to my 401(k) if I leave Under Armour?
If you leave Under Armour, you have several options for your 401(k), including rolling it over to an IRA or another employer's plan, cashing it out, or leaving it in the Under Armour plan if allowed.
Is there a vesting schedule for Under Armour's 401(k) matching contributions?
Yes, Under Armour has a vesting schedule for its matching contributions, which means that employees must work for a certain period before they fully own the matched funds.
How can employees access their 401(k) account information at Under Armour?
Employees can access their 401(k) account information through the designated online portal provided by Under Armour's retirement plan administrator.
Are there any fees associated with Under Armour's 401(k) plan?
Yes, there may be administrative fees and investment-related fees associated with Under Armour's 401(k) plan, which are disclosed in the plan documents.
Can employees change their contribution amounts to Under Armour's 401(k) plan?
Yes, employees can change their contribution amounts to Under Armour's 401(k) plan during the annual open enrollment period or as permitted by the plan.
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