401k Services in Massachusetts


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 401k Services in Massachusetts
 401k Services in Massachusetts

 401k Services in Massachusetts

401k Rollovers and Rollover Help in Massachusetts

401k Plans Massachusetts401(k) Rollovers


Have you recently switched jobs? 

If so, there are some very important decisions that you are faced with regarding your retirement plan.  Usually you will have three options to choose from., You can leave the plan with your previous employer, roll your old plan over to your new company or you can establish a 401(k) rollover.


What are my options?

Most investors do not choose to keep their assets in a company sponsored retirement plan because of the limited investment options available.  Most 401(k) and profit sharing plans only give you eight to twelve different investment options.  Company sponsored plans also do not allow contributions for former employees.


Rolling your account into your new company may be an acceptable option if you are certain you will be working there for a significant amount of time and if the plan is particularly good.  A rollover to your new employer will allow you to keep your retirement consolidated and may be a simple matter.  Again, you may run into the drawback of limited investment choices in a corporate plan.

With a 401(k) Rollover IRA account at a qualified investment company, you can invest in almost any mutual fund, stock, bond, or other investment vehicle you so desire.  This account is only limited by the selection of investments offered by the investment company and the types of investments authorized for retirement accounts by the IRS.  This flexibility makes the 401(k) IRA Rollover option the most appealing.  IRA Rollover accounts, unlike traditional IRA accounts and Roth IRAs can also be rolled into employer 401k plans at a future date.


How  does it work?  The first step in the 401(k) rollover process is to select an investment company and an advisor to work with.  One way to receive objective investment advice is to select an advisor at an independent firm.    One benefit of independent advisors is that they are not tied to in-house proprietary products and have more incentive to objectively recommend the investments best suited for their clients.  Independent firms also usually offer a wider selection of investment options.

Once a firm and an advisor have been selected, the process of rolling the funds over can begin.  You start by opening a Rollover IRA account.  This account will give you the same tax deferral advantages of your 401k plan, combining it with a much wider range of investment options.  With most firms, the only expenses associated with the account are the annual maintenance fees (if any), and standard mutual fund loads and commissions on trades you pay anyway.  Remember that with a Rollover IRA, you cannot make the same annual contributions you could with a traditional or Roth IRA. 


After the rollover account has been opened, you can have your representative actually transfer the funds.  This process will depend in large part on the company that holds the plan you had with your former employer.  In most cases, you will have to fill out a distribution form that you will submit to your former employer.  Larger companies usually have standard forms and sometimes departments that facilitate the rollovers, in these cases the process may be as simple as providing the former employer with the new account number given to you by your rep.  With a smaller company you will usually need to deal with the investment company used by your former employer, this will often consist of having your new investment representative send a form to the investment company requesting your assets.  The ideal way to transfer the funds is to have your employer send the funds directly to your new investment company, you can also either have a check made out to you (60 day rollover) or made out to the company holding your Rollover IRA (direct rollover).  You may want to avoid transferring the investments that you hold in the 401(k) account (such as mutual funds) directly into your new account and have cash transferred.   A cash transfer is usually the quickest and most efficient transfer method.

What are the Penalties?


There are  usually no penalties, tax or otherwise, that you incur when rolling over a 401(k) from the new provider but could be from the old provider, depending on the situation.  However, if you do a 60 day rollover (meaning the check you receive is made out to you) and take possession of the funds, you will be penalized on any amount that you do not put into your rollover account within 60 days.  Remember that in a rollover IRA, like a 401k or any other qualified retirement plan, there is a 10% penalty for the early withdrawal of funds (before age 59 ) and withdrawals are taxed at your normal tax rate.  Therefore, unless you are using the money for one of the free early distributions (first time homebuyer, qualified higher education expenses, etc.), you  should make it a priority to keep these funds invested in a retirement plan. 



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Contact a financial advisor in Massachusetts for more Information

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 401k Services in Massachusetts


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