Foodservice companies that have 401k benefits

Discussion in 'Questions From New Drivers' started by drewpoco, Sep 16, 2021.

  1. drewpoco

    drewpoco Bobtail Member

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    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?
     
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  3. Lazer

    Lazer Medium Load Member

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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.
     
  4. jgarciajr40

    jgarciajr40 Medium Load Member

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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 :p

    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 not
     
    Last edited: Sep 17, 2021
  5. Lazer

    Lazer Medium Load Member

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    I could be mistaken, but I don’t believe any 401(k) allows contributions from ‘the outside’.
     
  6. Chinatown

    Chinatown Road Train Member

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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.
    ~
    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
  7. Redtwin

    Redtwin Road Train Member

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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.
  8. Dockbumper

    Dockbumper Road Train Member

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    You are asking a bunch of truckers with the equivalent of a 7th grade education about In service distributions and back door roth strategies??? Most of us can barely spell.......... wear wife beaters, and holler........ HEY..... hold my beer and check this out!! You are barkin' up the wrong tree here Hunter! :eek::rolleyes:
     
  9. Frank Speak

    Frank Speak Road Train Member

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    You can’t contribute more than $19,500 annually unless you’re over 50. You can do an additional “catch up” contribution up to $6500 if that’s the case. Of course, this doesn’t count the match from your employer.

    As far as who has 401k and how much they match, call the outfits you’re interested in and ask.
     
  10. Frank Speak

    Frank Speak Road Train Member

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    In service distributions are 401k withdrawals while still employed with the employer. Generally, they’re only available in certain hardship cases.
     
  11. drewpoco

    drewpoco Bobtail Member

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    In order to better understand my question, you need to look up "mega backdoor roth". It is not illegal whatsoever. Anyone can do it whose employer has a 401k. The employer's 401k plan must have after-tax contributions and in-service distribution in order for the "mega backdoor roth" to work.
    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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