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401(K) ROLLOVER

Changes in life mean changes in financial considerations as well. Whether
retiring or changing jobs, if you have a 401(k), you’ll want to know your
options for this account so you can decide what is best for your situation.

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 2. Path Investment Services
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 5. Path 401(k) Rollover

 1. Path 401(k) Rollover

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WHAT ARE MY OPTIONS FOR MY 401(K)?

There are four potential options for your 401(k) when leaving an employer:

 * Option #1: Leave it in your former employer’s 401(k) plan, if allowed by the
   plan.
 * Option #2: Move it to your new employer’s 401(k) plan, if you’ve changed
   employers and your new employer plan allows for it.
 * Option #3: Roll the account over to an Individual Retirement Account (IRA).
 * Option #4: Cash it out, which is subject to potential tax consequences.


SHOULD I ROLL OVER MY 401(K)?

While you have several options with your retirement plans, one option to avoid
in most circumstances is cashing out your plan. If you are younger than 59 1⁄2,
the IRS will generally consider the payout an early distribution, and you could
be assessed a 10% early withdrawal penalty in addition to federal and state
income taxes. Even if you are 59 1⁄2 or older, by cashing out, you will
typically pay income taxes on all the assets at once.

One of the key benefits of a 401(k) plan is tax-deferred growth. Instead of
cashing out, consider your options for leaving your money in the plan, moving it
to your new employer plan or rolling your money to an IRA. All three options
will allow you to continue to earn tax-deferred growth, but there are several
differences between them.

Leave It with Your Employer

You likely won't be able to add to your account or consolidate other accounts
with your 401(k) after you leave your job. But, you may want to leave your
401(k) with your employer if it offers a good selection of quality investments,
it's low cost, and you're satisfied with the services you receive. Also, if you
turn 55 or over the year you leave your employer, there are tax advantages to
leaving your 401(k) where it is as you will be able to take distributions before
you are 59 ½ without penalty.

Move It to Your New Employer

If you are changing jobs and it’s allowed by your new employer’s plan, you may
have the option of moving your money from your former employer's plan to your
new employer's plan. This is one way you can consolidate your retirement
accounts and maintain lower fees typically offered by an employer 401(k) plan.
Additionally, if you plan to work past age 73, you generally do not have to take
required minimum distributions (RMDs) from your current employer's plan. Keep in
mind, though, that your new employer's plan may have different investment
options, fees, services, and distribution options than your former employer's
plan.

Roll It Over to an IRA

An IRA generally offers a broader selection of investment options and services
than a 401(k). It also allows you to consolidate all your investment accounts
with one provider which can make it easier to monitor and manage your assets.
IRAs typically have higher fees and expenses than a 401(k), though, and you
generally can't take penalty-free withdrawals until age 59 ½.

Here is another look at how these three options compare across several
considerations you’ll want to keep in mind:

  Leave 401(k) with former employerMove 401(k) to new employerRoll 401(k) over
to IRAAssociated CostsFees and expenses will depend on the plan and investment
options, but typically, the fees and expenses in your employer plan are lower
than those of an IRA.Fees and expenses are typically higher than those in an
employer plan.Investment OptionsMay be limited based on the plan.Typically have
a greater number of investment choices.Education and Advice ServicesAvailability
of investor education and advice services depend on the plan. Plans may offer
educational materials, online tools, telephone helplines and/or investment
advice.A financial advisor can provide personalized advice based on your
goals.Account ConsolidationConsolidation with other accounts is generally not an
option.May be able to consolidate the previous employer plan with the new
employer plan.You can consolidate plans from former employers and maintain your
other assets with the same firm.Tax penalties for withdrawals before age 59
1⁄2Employer plans offer certain exceptions to the 10% penalty that are not
available with an IRA. For example, if you leave your employer in the calendar
year you turn 55 (or later), most employer plans offer penalty-free early
withdrawals between the ages of 55 and 59 1⁄2.In general, a 10% early withdrawal
penalty applies
if you take money before age 59 1⁄2.Required minimum distributions (RMDs)You
generally must take RMDs when you reach 73.If planning to work past age 73, you
generally do not have to take RMDs from your current employer’s plan until you
leave your employer.You generally must take RMDs when you reach 73.Employer
stock/securitiesYou may be able to receive special tax treatment on employer
stock/securities in your plan (referred to as net unrealized appreciation or
NUA).If you roll over employer stock/securities to an IRA or another employer
plan, you lose the ability to use the NUA strategy.

What you decide to do depends upon your situation, but you can talk about your
options and how they align with your goals by contacting an Edward Jones
financial advisor.


HOW DO I ROLL OVER MY 401(K)?

If you have decided to roll your 401(k) over to an IRA, it’s usually an easy
process.

First, determine what type of IRA you can roll your 401(k) over to:

 * A Roth 401(k) can only be rolled over to a Roth IRA.
 * A traditional 401(k) can be rolled over to a traditional IRA or Roth IRA. If
   you roll it to a Roth IRA, though, it's considered a Roth conversion, and the
   rollover is subject to taxes. Even if you want to convert your assets, it may
   be easier to rollover to a traditional IRA first and then complete a Roth
   conversion.

Next, decide how to move your 401(k). Money can be moved from an employer plan
into an IRA through either a direct rollover or an indirect rollover.

Direct Rollover

You generally want to move your money through a direct rollover. A direct
rollover occurs when your plan issues a check or securities payable directly to
an IRA custodian for your benefit. It’s generally a non-taxable distribution,
and no taxes are withheld from the amount you rollover. If you have an RMD,
though, you must take it before requesting the rollover since RMDs cannot be
rolled over.

Indirect Rollover

An indirect rollover occurs when your plan issues a check payable directly to
you and you roll over the money to an IRA within 60 days. With an indirect
rollover, the taxable portion of the distribution is subject to a mandatory 20%
federal tax withholding. Any amount, including the 20% withholding, not rolled
back into an IRA within 60 days is generally taxable and possibly subject to an
early withdrawal penalty.

To discuss your situation and goals when it comes to a 401(k) or other
investment options, find an Edward Jones financial advisor near you.

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