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

Essential Year-End Tax Strategies for Greif Employees: What You Need to Know Before 2023

Healthcare Provider Update: Healthcare Provider for Greif Greif, Inc. does not seem to have publicly disclosed a single primary healthcare provider; rather, they typically offer a range of health insurance options to their employees through various insurers, depending on the specific locations and participation in regional healthcare plans. Companies like Greif often partner with large insurers such as UnitedHealthcare, Anthem, and Cigna to provide their employees with comprehensive health benefits. Healthcare Cost Increases in 2026 As healthcare costs are projected to rise significantly in 2026, Greif could face challenges in managing employee health benefits amid anticipated record increases in ACA premiums. Estimates suggest that without congressional action to extend enhanced subsidies, premiums could soar by over 75% for many enrollees, potentially impacting a majority of their workforce. This surge is largely attributed to rising medical costs and major insurers' rate hikes, which could compel organizations like Greif to reassess their health benefits strategy, balancing financial sustainability with the well-being of their employees. Strategically navigating these changes will be crucial for maintaining competitive health coverage in a challenging market. Click here to learn more

Here are some things for Greif employees and retirees to consider as they weigh potential tax moves between now and the end of the year.

1. Defer income to next year
Greif employees must consider opportunities to defer income to 2023, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rent, and payments for services. As a Greif employee, doing so may enable you to postpone payment of tax on the income until next year.

2. Accelerate deductions
Greif employees and retirees should also look for opportunities to accelerate deductions into the current tax year. If you itemize deductions, making payments for deductible expenses such as medical expenses, qualifying interest, and state taxes before the end of the year (instead of paying them in early 2023) could make a difference on your 2022 return.

3. Make deductible charitable contributions
As a Greif employee, if you itemize deductions on your federal income tax return, you can generally deduct charitable contributions, but the deduction is limited to 50% (currently increased to 60% for cash contributions to public charities), 30%, or 20% of your adjusted gross income (AGI), depending on the type of property you give and the type of organization to which you contribute. (Excess amounts can be carried over for up to five years.)

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4. Bump up withholding to cover a tax shortfall
As a Greif employee, if it looks as though you will owe federal income tax for the year, consider increasing your withholding on Form W-4 for the remainder of the year to cover the shortfall. Time may be limited for Greif employees to request a Form W-4 change and for their employers from Greif to implement it in time for 2022. The biggest advantage in doing so is that withholding is considered as having been paid evenly throughout the year instead of when the dollars are actually taken from your paycheck. This strategy can be implemented by Greif employees to make up for low or missing quarterly estimated tax payments.

5. Save more for retirement
Deductible contributions to a traditional IRA and pre-tax contributions to a Greif-sponsored retirement plan such as a 401(k) can reduce your 2022 taxable income. As a fortune 500 employee, if you haven't already contributed up to the maximum amount allowed, consider doing so. For 2022, Greif employees can contribute up to $20,500 to a 401(k) plan ($27,000 if you're age 50 or older) and up to $6,000 to traditional and Roth IRAs combined ($7,000 if you're age 50 or older).* The window to make 2022 contributions to a Greif-sponsored plan generally closes at the end of the year, while you have until April 18, 2023, to make 2022 IRA contributions.

*Roth contributions are not deductible, but Roth-qualified distributions are not taxable.

6. Take the required minimum distributions
If you are a Greif employee age 72 or older, you generally must take required minimum distributions (RMDs) from traditional IRAs and Greif-sponsored retirement plans (special rules apply if you're still working and participating in Greif's retirement plan). You have to make the withdrawals by the date required — the end of the year for most individuals. The penalty for failing to do so is substantial: 50% of the amount that wasn't distributed on time. As a fortune 500 employee, making these distributions in a timely manner is essential as to avoid the late penalty.

7. Weigh year-end investment moves
Greif employees and retirees shouldn't let tax considerations drive investment decisions. However, it's worth considering the tax implications of any year-end investment moves that you make. For example, if you have realized net capital gains from selling securities at a profit, you might avoid being taxed on some or all of those gains by selling losing positions. As a Greif employee, any losses over and above the number of your gains can be used to offset up to $3,000 of ordinary income ($1,500 if your filing status is married filing separately) or carried forward to reduce your taxes in future years.

Tags: Financial Planning , Tax , Retirement , 2022

What is the primary purpose of Greif's 401(k) Savings Plan?

The primary purpose of Greif's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

How can I enroll in Greif's 401(k) Savings Plan?

You can enroll in Greif's 401(k) Savings Plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.

What types of contributions can I make to Greif's 401(k) Savings Plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and possibly catch-up contributions if they are age 50 or older in Greif's 401(k) Savings Plan.

Does Greif offer any matching contributions to the 401(k) Savings Plan?

Yes, Greif offers a matching contribution to the 401(k) Savings Plan, which is designed to encourage employees to save for retirement.

What is the vesting schedule for Greif's matching contributions?

The vesting schedule for Greif's matching contributions typically follows a graded schedule, meaning employees earn ownership of the contributions over a period of time.

Can I take a loan against my 401(k) Savings Plan with Greif?

Yes, Greif allows participants to take loans against their 401(k) Savings Plan balance, subject to certain terms and conditions outlined in the plan documents.

What investment options are available in Greif's 401(k) Savings Plan?

Greif's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock, allowing employees to diversify their portfolios.

How often can I change my contribution amount to Greif's 401(k) Savings Plan?

Employees can typically change their contribution amount to Greif's 401(k) Savings Plan at any time, subject to the plan’s rules and limitations.

When can I access my funds from Greif's 401(k) Savings Plan?

Employees can access their funds from Greif's 401(k) Savings Plan upon reaching retirement age, or in cases of hardship, termination of employment, or other qualifying events.

Does Greif provide financial education regarding the 401(k) Savings Plan?

Yes, Greif provides resources and educational materials to help employees understand their 401(k) Savings Plan options and make informed investment decisions.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Greif offers a 401(k) retirement plan for its employees, known as the Greif 401(k) Retirement Plan. This plan allows employees to contribute a portion of their paychecks into the 401(k), with pre-tax contributions providing tax deferral benefits. Employees are eligible to participate immediately upon meeting the plan's requirements. The Greif 401(k) Retirement Plan is designed to help employees accumulate savings over time, leveraging investment options available under the plan. Greif also provides a pension plan, called the Greif Pension Plan. This defined benefit plan calculates retirement benefits based on years of service and a pension formula that factors in final average pay. Employees typically qualify for this plan after meeting a certain age and years of service criteria, though the specifics vary depending on the individual employee’s situation. The plan's structure provides a guaranteed income upon retirement.

Restructuring and Layoffs: In 2023, Greif announced a restructuring plan aimed at improving operational efficiency. This plan involved streamlining various business units and resulted in a significant reduction in the workforce. The company cited the need to adapt to changing market conditions and optimize its cost structure as key reasons behind this decision. The impact of these changes is significant due to the current economic environment, which emphasizes the importance of companies enhancing their operational efficiency to remain competitive and sustainable. Additionally, such restructuring moves can affect employee morale and job security, highlighting the importance of staying informed about these developments.

Greif offers a variety of stock options and Restricted Stock Units (RSUs) as part of its employee compensation program. Through the Colleague Stock Purchase Plan (CSPP), Greif employees can purchase stock at a discounted rate compared to market prices. This aligns employees' interests with shareholders, encouraging long-term value creation. The program allows participants to elect a percentage of their salary towards stock purchases, with a cap of $25,000 annually in purchases (Greif Investor) (Greif Investor). The RSU plan awards eligible employees a set number of units that convert to shares upon vesting, typically over a few years. In 2023, Greif expanded its CSPP to all U.S.-based employees (Greif) (Greif Investor), further enhancing participation. Both stock options and RSUs are aimed at providing a financial incentive to improve performance and foster employee retention. Greif's stock options and RSUs are available primarily to full-time employees, and eligibility may vary based on employment level and tenure

Greif Health Benefits Information 1. Official Greif Website 2022 Benefits Overview: Greif provides comprehensive health benefits including medical, dental, and vision insurance. Employees have access to a variety of plan options through Greif’s health benefits portal. 2023 Benefits Overview: The company introduced new wellness programs and expanded mental health support. They emphasize preventive care and offer telemedicine services. 2024 Benefits Overview: Greif continued to enhance benefits with increased coverage options and integrated health management services. Specific details on premium changes or new plan options might be available in their annual benefits guide. 2. Indeed General Health Benefits: Reviews suggest that Greif offers competitive health benefits, including healthcare insurance, wellness programs, and employee assistance programs. Employees appreciate the comprehensive nature of the benefits package. Recent Changes: Some reviews mention adjustments in co-payments and deductibles, reflecting the company’s effort to manage rising healthcare costs. 3. Glassdoor Employee Feedback: Employees report positive experiences with Greif’s health benefits, noting the inclusivity of coverage and support for work-life balance. Recent Updates: Recent updates include enhanced mental health resources and more flexible spending account options. 4. LinkedIn Benefits Information: LinkedIn’s job postings and employee reviews often highlight Greif’s health benefits, including health insurance, wellness initiatives, and preventive care programs. Recent Developments: The focus has shifted towards providing more personalized health management tools and resources. 5. HR Websites (e.g., SHRM) Benefits Details: Greif’s health benefits are described as comprehensive, including various health insurance plans, wellness programs, and support for mental health. Recent News: There are updates about Greif’s efforts to improve employee health and well-being through new programs and partnerships with healthcare providers.