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There are many factors to consider when deciding whether to roll over a distribution from a 401(k), 403(b), or governmental 457(b) plan1, and where your rollover dollars should go if you decide to make a rollover. Always (1) ask about possible surrender charges that may be imposed by your existing employer plan, or new surrender charges that your IRA or new plan may impose, (2) compare investment fees and expenses charged by your IRA or new plan (and investment funds) with those charged by your existing employer plan (if any), and (3) understand any features, rights, and guarantees you may be giving up, or gaining, by moving your funds to an IRA or new employer plan.
1 This table considers the options for eligible rollover distributions. You cannot roll over hardship withdrawals, required minimum distributions, substantially equal periodic payments, corrective distributions, and certain other payments. Special rules may apply if you are the beneficiary of a plan participant.
2, 4 You can make only one indirect (60-day) rollover from one IRA to another IRA in any 12-month period, regardless of how many IRAs (including traditional, Roth, SEP, and SIMPLE IRAs) you own. There are no limits to the number of trustee-to-trustee (direct) transfers you can make.
Diversification alone cannot guarantee a profit or ensure against the possibility of loss. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any strategy will be successful.
3 Before investing in a mutual fund, carefully consider the investment objectives, risks, charges, and expenses of the fund. This information can be found in the prospectus, which can be obtained from the fund. Read it carefully before investing.
5 Federal protection from creditors outside bankruptcy applies to plans covered by the "anti-assignment" provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Individual (solo) 401(k) plans, governmental plans, SEP and SIMPLE IRA plans, and certain church plans are generally not covered by these ERISA provisions.
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This material is for educational purposes only and is not intended to provide specific advice or recommendations for any individual. Investors should independently consider the pros and cons of all potential distribution options to determine if a rollover is appropriate based on their individual circumstances. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
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