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Is a Rollover into an IRA the Right Move for You as a Univar Solutions Employee?

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

Internal management fees might be higher than in a Univar Solutions-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 Univar Solutions-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 Univar Solutions.

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 primary purpose of the 401(k) plan at Univar Solutions?

The primary purpose of the 401(k) plan at Univar Solutions is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.

How can employees at Univar Solutions enroll in the 401(k) plan?

Employees at Univar Solutions can enroll in the 401(k) plan by accessing the company’s benefits portal and following the enrollment instructions provided.

Does Univar Solutions offer a company match for the 401(k) contributions?

Yes, Univar Solutions offers a company match for 401(k) contributions, which helps employees increase their retirement savings.

What is the maximum contribution limit for the 401(k) plan at Univar Solutions?

The maximum contribution limit for the 401(k) plan at Univar Solutions is aligned with IRS guidelines, which can change annually. Employees should check the latest limits on the benefits portal.

Can employees at Univar Solutions change their contribution percentage to the 401(k) plan?

Yes, employees at Univar Solutions can change their contribution percentage at any time through the benefits portal.

What investment options are available within the Univar Solutions 401(k) plan?

The Univar Solutions 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 vesting schedule for the company match in the Univar Solutions 401(k) plan?

Yes, there is a vesting schedule for the company match in the Univar Solutions 401(k) plan, which determines when employees fully own the matched contributions.

How often can employees at Univar Solutions review their 401(k) account statements?

Employees at Univar Solutions can review their 401(k) account statements quarterly, and they can also access their account information online at any time.

What happens to the 401(k) plan if an employee leaves Univar Solutions?

If an employee leaves Univar Solutions, they have several options for their 401(k) plan, including rolling it over to an IRA or a new employer's plan, or cashing it out, subject to taxes and penalties.

Can employees take loans against their 401(k) at Univar Solutions?

Yes, employees at Univar Solutions may have the option to take loans against their 401(k) balance, subject to the plan's specific rules and limits.