<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=314834185700910&amp;ev=PageView&amp;noscript=1">

New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Learn More

Is a Rollover into an IRA the Right Move for You as a Winnebago Industries Employee?

image-table

Healthcare Provider Update: Offers medical, dental, vision, fertility, and mental health benefits, plus HSAs, FSAs, and wellness incentives 5. As ACA marketplace costs increase, Winnebagos employer contributions and wellness credits help reduce employee healthcare expenses. Click here to learn more

Choosing an IRA rollover means that your money remains tax-advantaged and capable of growth, as in a Winnebago Industries-sponsored plan. You may also gain more investment options than what may have been available in your Winnebago Industries-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.' brown rocky mountain beside blue sea during daytime

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 Winnebago Industries-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.

Retirekit CTA

However, there are also some important considerations that Winnebago Industries should make before rolling over their money into an IRA, these include:

  • Internal management fees might be higher than in a Winnebago Industries-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 Winnebago Industries-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 Winnebago Industries.

 

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

Featured Video

Articles you may find interesting:

Loading...

What is the 401(k) plan offered by Winnebago Industries?

The 401(k) plan at Winnebago Industries is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How can employees enroll in the 401(k) plan at Winnebago Industries?

Employees can enroll in the Winnebago Industries 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

Does Winnebago Industries match employee contributions to the 401(k) plan?

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

What is the maximum contribution limit for the 401(k) plan at Winnebago Industries?

The maximum contribution limit for the 401(k) plan at Winnebago Industries is set according to IRS guidelines, which may change annually.

Can employees take loans against their 401(k) savings at Winnebago Industries?

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

What types of investment options are available in the Winnebago Industries 401(k) plan?

The 401(k) plan at Winnebago Industries offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.

Is there a vesting period for the employer match in the Winnebago Industries 401(k) plan?

Yes, there is typically a vesting period for the employer match in the Winnebago Industries 401(k) plan, which means employees must work for a certain period before they fully own the matched contributions.

How can employees access their 401(k) account information at Winnebago Industries?

Employees can access their 401(k) account information through the online portal provided by Winnebago Industries or by contacting the plan administrator.

What happens to the 401(k) plan if an employee leaves Winnebago Industries?

If an employee leaves Winnebago Industries, they have several options for their 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it in the current plan if allowed.

Can employees change their contribution percentage to the 401(k) plan at Winnebago Industries?

Yes, employees at Winnebago Industries can change their contribution percentage to the 401(k) plan at any time, subject to the plan's rules.

New call-to-action

Additional Articles

Check Out Articles for Winnebago Industries employees

Loading...

For more information you can reach the plan administrator for Winnebago Industries at , ; or by calling them at .

*Please see disclaimer for more information

Relevant Articles

Check Out Articles for Winnebago Industries employees