Need some direction with your benefits? We are here to help.
We understand that enrolling in your benefits can come with some questions. Below are FAQs that can help you trust your decisions and assist with any questions about utilizing your benefits once the new year begins!
The Plan is a type of retirement plan known as a “Profit Sharing 401(k)” Plan. Here are the types of contributions that may be made to the Plan:
All employees of Gordon Food Service and the Specialty Companies that are full-time or part-time over the age of 21 are immediately eligible to participate in the Plan. After you receive your first paycheck, you may begin contributing and receiving the Company Match.
To enroll, visit vanguard.com/register or call (800) 523-1188. To enroll online, you will need your Plan number: 092054. You will need to designate a beneficiary for your account.
Newly hired employees who do not want to save must call Vanguard Participant Services at (800) 523-1188 within 60 days of their first paycheck (or eligibility date, if later) to opt out. Newly hired employees who do not opt out will be automatically enrolled at a 401(k) Payroll Deferral rate of 4%.
Your contributions to your 401k / Roth 401k may not be more than 75% of your “regular” compensation on a weekly basis.
In addition, federal law limits the amount of your Pay Deferral Contributions in a calendar year. The dollar limit applies to both types of Pay Deferral Contributions (pre-tax 401k and after-tax Roth 401k) on a combined basis.
The dollar limit for 2023 is $22,500. If you are at least age 50 by the end of the calendar year, you may “catch-up” contributions by an additional $7,500. These amounts are typically adjusted annually by the IRS.
The company will contribute $1 for each $1 you contribute during a pay period, up to a maximum of 4% of your compensation for that pay period. Although Company Match contributions will be made whether your contributions are pre-tax pay 401k or Roth 401(k) contributions, the Company Match contribution will always be made on a pre-tax basis and will only become taxable when it is distributed to you.
To recognize the effort of each employee and the contribution each has made to the company’s success, the company may decide to contribute a portion of their profitability to employees. At the end of each plan year, GFS will decide on the amount of its Profit Sharing Contribution for that year.
While Profit Sharing is discretionary, the company has contributed a Profit Sharing Contribution each year since the beginning of the Profit Sharing Plan in 1960. Over the past 15 years, the average Company Profit Sharing contribution has been over 8% of an individual’s compensation.
All employees of Gordon Food Service and the Specialty Companies that are full-time or part-time over the age of 21 will become eligible after 90 days of employment.
Your share is based upon your eligible compensation during the plan year (Oct 1 to Sept 30). You and the other employees (whether full-time or part-time) of the company will receive the same percentage of compensation as a Profit Sharing contribution. For example, if your eligible compensation is $50,000 and the company Profit Sharing contribution is 8%, you will receive $4,000 deposited into your 401k account for that year.
No, contract employees are not eligible for the Profit Sharing Contribution.
The Profit Sharing plan year is October 1 through September 30. The eligible compensation made during the plan year time frame is used to calculate your Profit Sharing amount.
Your Profit Sharing contribution will be deposited into your 401k account on December 31st.
Vanguard is the recordkeeper of your 401k/Roth 401k account.
You can log on online at Vanguard.com for 24-hour access to your account as well as investment and financial planning information, guidance, and advice. GFS Plan number: 092054
You can contact Vanguard by phone at (800) 523-1188. Get 24-hour access to your account and investment option information through the automated VOICE® Network. Or speak with a Vanguard Participant Services associate for help with transactions and answers to your questions Monday through Friday from 8:30 a.m. to 9 p.m., Eastern time.
You can download Vanguard’s app to access your account on a mobile device.
The Gordon Food Service Finance Services department administers the GFS plan and can be contacted at 1-616-717-4700 or via email at financeservices@gfs.com.
Possibly. If you were hired on/prior to 10/31/2024, you will get an open enrollment event. If you were hired on/after 11/1/2024, you will not need to complete open enrollment.
Most of your current benefit elections will roll over to 2025. FSA and HSA elections will not rollover.
Certain benefit events are disabled until 1/1/2025 (Beneficiary/HSA changes). If you experience a life event, such as birth, marriage, loss/gain other coverage, etc., please email HRBenefits@gfs.com.
The GFS HSA contribution depends on how you are enrolled in the Health Investment Plan (HIP)
Employee Only – $500
Employee + 1 – $750
Employee + 2 or more – $1,000
The HSA plan does not begin on your first day of employment. The waiting period is the first of the month following 30 days.
The GFS HSA contribution is prorated over 12 months for employees whose HSA begins on or before November 1st. The contribution is made within 2 weeks after the plan begins.
Example:
Hired April 19th
HSA begins June 1st
Employee Only – $250
Employee + 1 – $375
Employee + 2 or more – $500
If you file a joint tax return, you can use your HSA funds to pay for your spouses eligible health care expenses.
Health Care and Limited Purpose FSA – up to $500 will rollover to the new plan year after 4/1/25
Dependent Care FSA – funds do not rollover
HSA – funds always rollover
Yes – Be sure to request reimbursement using the claim form instead of through Optum Financial. If you don’t, it will deduct funds from your 2025 account.
You can enroll in the FSA even if you are not enrolled in a GFS medical plan.
We evaluate the network coverage every year and will do so again for the 2025 plan year. As of the most recent evaluation, Delta Dental continues to have the largest network by a significant margin.
You can search for providers who are considered in network at https://www.deltadental.com/us/en/member/find-a-dentist.html
As it takes time to update websites, it is suggested that you call the office of any dentist you are considering and ask if they accept Delta Dental of Michigan coverage.
Benefit documents are accessible through the Benefits page on Gordon Grove. Here’s a few quick links.
Search Our Site…
