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Understanding 401k Portability

Rolling Your Money Over

One of the most important things to be able to do with a 401k Plan is roll it over. Because the administrator of your 401k Retirement plan is your employer, if you leave your job to go to another, you want to be able to maintain your current plan with the same benefits and interest without incurring early withdrawal penalties. 401k Rollover is a process by which your 401k funds are transferred to a new retirement account. The process is as follows:

  1. All loans you have taken out of your 401k must be paid in full, with interest.
  2. Determine which type of retirement account you would like to roll your 401k over to, whether it is another 401k, an IRA, or a similar program.
  3. Set up the retirement account, with the help of a licensed professional, ahead of time, before your 401k is terminated.
  4. The professional will help you file a "request of transfer" form with your old employer, who you should contact and ask if any other steps are necessary.
  5. Your old employer will then liquidate (without withdrawal repercussions) your 401k and transfer the cash funds to your new account.
  6. Your new Plan custodian will then have the appropriate funds or investments purchased and your retirement plan will begin anew.

Contact a financial professional to help you with rolling over your 401k and to provide you with a free 401k quote.

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