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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    Hey are you aware of the "mega backdoor roth"? This allows you to contribute up to $57,000 in a 401k and bypasses the $19,000 per year limit. It's legal and most big companies like Google, Facebook, Oracle allows you to do this. I'm not sure if Foodservice companies like Sysco/Mclane/etc. allow it thats why I am asking.

    Yes $57k is a lot. But I am single and frugal and I know foodservice truck drivers can make $100k+
     
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  3. drewpoco

    drewpoco Bobtail Member

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    Lol somewhat true. There are truckers out there who are able to own multiple trucks and employ multiple drivers. If they are able to navigate through the financial headaches of something like that, then they are more than capable of understanding the megabackdoor roth 401k strategy.

    Basically, I am asking because I want to contribute more than $19,000 per year tax-free in my 401k. The megabackdoor roth allows you to do this up to $57,000 including employer match. But, it requires a very specific 401k structure: one that allows after-tax contributions after you max out the $19,000 and in-service distributions.
     
  4. Frank Speak

    Frank Speak Road Train Member

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    No, I’ve been retired from the biz for over 10 years. I’ll check into it though. And, good for you for thinking about your future.
     
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  5. Frank Speak

    Frank Speak Road Train Member

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    Ok, I just did a little (very little) reading up on the back door deal. My guess is you’re going to have a hard time (like slim to no chance) finding a trucking company that supports anything like that.

    Best thing is, like I said before, put together a short list of outfits you’re considering and then ask them some 401k questions to figure out which has the best match and if they by chance support the mega biz.

    p.s. Proceed with extreme caution with that mega biz, else you could find yourself with a “mega” tax bill.
     
    Last edited: Sep 17, 2021
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  6. Redtwin

    Redtwin Road Train Member

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    Ah, I think know what that is. A company I used to work for had that program called it something else though. Their setup you could withdraw from your 401K but it was classified as a loan and was tax free unless you didn't pay it back within a certain time. You had to pay interest on the loan but the interest paid was to yourself.

    Unless I am completely misunderstanding this whole thread. Either way, Sysco didn't offer anything like that unless it was something they didn't promote on their "employee portal" website thingy.
     
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  7. streetglider

    streetglider Medium Load Member

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    Check with nancy pelosi first. She is trying to end back door roths
     
  8. kaybea

    kaybea Light Load Member

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    McLane offers a Roth 401k which means the money going into the account is after tax. $19500 is the limit you can put in there in 2021. In addition to that you can set up a Roth IRA with a brokerage and put in $6000.
     
  9. streetglider

    streetglider Medium Load Member

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    This a double post? You just ask this the day before on a different post. Same question
     
  10. Accidental Trucker

    Accidental Trucker Road Train Member

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    She's trying to end ALL Roths, including the ones that have already been funded.

    I don't see a problem with the strategy in trucking. Just quit once a year and re-hire the next day. That'll allow you to roll over your 401(k) balance, and there's no one in the industry that's going to put up too much of a fuss if you're a good hand.
     
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