Rollover Tax Considerations

If you choose to rollover your assets into a qualified option, such as an IRA or tax-qualified Individual Retirement Annuity, you are able to avoid paying potentially high taxes. However, after consulting with your tax or legal advisor, if you decide to receive a cash payment of all or a portion of your accumulated savings and not roll over the money to another qualified investment, 20% of the payment amount will be withheld for federal taxes. If you are under age 59½, you could also be responsible for an additional 10% early-withdrawal penalty.¹

Upon retirement, distributions of any remaining savings will be taxed as ordinary income.

¹ Under current federal tax laws. Persons who have reached age 55 and are retiring may not be subject to the 10% penalty on distributions from a 401(k) or other qualified plan. Please consult with your tax or legal advisor prior to requesting a plan distribution.

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