Your 401(k) Rollover is easy and intelligent with our 1-2-3 Smart services

Understand your options. Know the benefits and risks

Roll over to an IRA

Stay in your existing plan

Move to a new employer plan

Take a cash distribution

Other options specific to your plan

Or call 781-722-0005
9 a.m. – 5:00 p.m. EST

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Additional Resources:

Financial Calculators

What do you do with your 401(k) plan when you change jobs?

How do you choose a beneficiary for your IRA or 401(k)?

What is a 401(k) plan?

How do you take advantage of employer-sponsored retirement plans?

How do you borrowing or withdraw money from your 401(k) plan?

 

You’re on the move.
Take control of your 401(k).

When you change jobs or retire, it’s necessary to make sure your retirement savings aren’t left behind. More importantly, it’s essential to identify the best option that fits your long-term priorities.

Fortunately, it’s ease with our 1-2-3 Smart services. We review your investments, single out the best option for your specific needs, and handle most of the paper work.

Your Account Manager will work with you to navigate the options and deal with the benefits and risks associated with each, including:

1. Maintaining the tax-deferred status.
2. Avoiding taxes and early-withdrawal penalties.
3. Increasing your investment options.
   

Your Distribution Options

1. Roll over to an IRA

Moving the savings in your 401(k) to an Individual Retirement Account (IRA) is a popular option. You typically see an increase in the range of investment options, with greater control over your savings, yet you avoid immediate taxes and penalties.

Advantages of Rollover IRAs?

1. Keep the tax-deferred status of your retirement savings.     
2. Have greater control over the assets.      
3. Have more investment choices.
4. Consolidate into one IRA account your retirement savings from other eligible sources.
5. IRA savings may be used for education and first-time home purchases without penalties.

2. Take Money Out of the Plan

You may want immediate access to some or all of your retirement savings. However, you will have to pay federal and state taxes on the amount you withdraw, and if you are under age 55 at the time when you leave your job, you may also have to pay a 10% penalty for early withdrawal.

3. Leave Your Savings in Your Former Employer's Plan

Your money will continue to grow tax-deferred if you leave it in your existing plan. There are no immediate taxes or penalties. And you’ll have the option to move it to an IRA in the future.

However, you will not be able to make additional contributions to the plan, and your investment options will remain limited to those available in the plan.

4. Move Your Savings to Your New Employer's Plan

If your new employer allows it, you may move your money to your new employer’s plan. Not all plans are the same. Some have more restrictions than others. So, it will be important to compare the features of the old plan and of the new plan to determine how well it meets your needs.

5. Other Options

Your specific plan may offer additional, unique distribution options. Please talk with your plan administrator about all options available to you.

Let our Rollover Specialist help you sort out the options, work with you to create a sound plan, and take care of the details. It’s 1-2-3 Smart. Call 781-722-0005 (9 a.m. – 5:00 p.m. EST).