Rollover Options

Deciding what to do with the retirement benefits in your company savings plan as you change jobs or retire? It's a decision that can be every bit as important as your decision to participate and contribute in the first place. To continue your tax-deferral and avoid costly penalties, you may want to consider one or more of the following available options:

1. Do nothing – Leave your money where it is. You can continue to monitor your investments and make adjustments to your asset allocation as needed.
2. Roll it over – Move your money into an IRA or other qualified plan*. Moving your money into another tax-qualified retirement account is a seamless process that allows your money to continue to grow tax-deferred.
3. Purchase an annuity – Turn your money into guaranteed income for life. An annuity offers you the benefits of tax-deferred income with payments you can count on over a specified period of time.
4. Take it and run – Withdraw your money in one lump sum. You’ll immediately have to pay federal income taxes on the entire amount, plus a 10 percent penalty if you’re under the age of 59½.

* Certain requirements must be met to continue tax-deferral for rollovers. The information contained herein is not intended to serve as or be a substitute for tax or legal advice. Consult with a professional tax and/or legal advisor before taking any action that may have tax or legal consequences.

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