Hello im looking for Foodservice companies that have 401k and has:
After-tax contributions
In-Service Distributions
I want to do mega backdoor Roth strategy and contribute more than $19k per year.
Sysco? PFG? GFS? Mclane? US Foods?
Foodservice companies that have 401k benefits
Discussion in 'Questions From New Drivers' started by drewpoco, Sep 16, 2021.
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Why not set up your own IRA for the amount above what is allowed in a 401k? That’s what I have done.
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@Lazer
it been a few years since I honestly checked, but last I looked IRS only allowed 5500 per IRA type.
5500 in Roth
5500 in pre-tax
That being said, Drew look into an IRA if you havent, or use an HSA as a pre tax haven. I max my HSA yearly; rather pay myself than you guys
if you use the HSA, Roth IRA, and tradition IRA and max them you can contribute close to 19k. Look up the maximum contributions on the IRS website as it changes/gets reviewed annually. Also, limits change based on age, and whether you’re married or notLast edited: Sep 17, 2021
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I could be mistaken, but I don’t believe any 401(k) allows contributions from ‘the outside’.
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Research setting up a retirement account through a credit union or if you're a military veteran through USAA Federal Bank.
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I worked for one company that tried to push drivers to add company stock to the 401K account.
To get them off my back, I agreed and said, "Yes, I sure will do that." Of course, I didn't, just wanted to shut them up. Eventually, the company shut the doors and the stock was worthless.
Many of the drivers lost a lot of money.Last edited: Sep 17, 2021
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Can you clarify "in service" contributions?
Sysco has 401K with the usual company match to a certain percentage. They also have discounted shares for employees. Everything is run by Fidelity and I used that service to open a Roth IRA but I don't think that option had anything to do with Sysco.drewpoco Thanks this. -
Gsm, dunchues, HiramKingWilliams and 2 others Thank this.
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As far as who has 401k and how much they match, call the outfits you’re interested in and ask. -
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The mega backdoor roth allows you to contribute more than $19,000 per year and up to $57,000. Tax-free growth and tax-free when you pull it out.
Very respectfully,
DD
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