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401(k) Rollover

Changing Jobs? Don’t Leave Your 401(k) or 403(b) Behind!

You’ve worked hard to save money for retirement through contributing to your 401(k) or 403(b) plan. But, if you’re like most Americans, you’re likely to change jobs multiple times during your career. Are you wondering what to do with your old 401(k) or 403(b)?

Deciding what to do isn’t always easy, especially when you have other factors to consider, such as selecting the right investments, comparing fees between options, and repaying any loans against your 401(k). Review your options with a fiduciary to help you make a decision that is in your best interest. 

401(k) rollover

A client or prospective financial advisory client leaving an employer typically has four options regarding an existing retirement plan (and may engage in a combination of these options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the account value (which could, depending upon the client’s age, result in adverse tax consequences). If the financial advisor recommends that a client roll over their retirement plan assets into an account to be managed by the advisor, such a recommendation creates a conflict of interest if the advisor will earn new (or increase its current) compensation as a result of the rollover. When acting in such capacity, a registered investment advisor, serves as a fiduciary under the Employee Retirement Income Security Act (“ERISA”), or the Internal Revenue Code, or both.

Let Us Guide You

When you’re changing jobs, one of the most important decisions to be made is what action to take with your 401(k), 403(b), and other employer-sponsored retirement plans. Make sure the tax rules and fees factor into your decision.

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