You’ve Decided to move on, now what do you do?

Now that you have started a new chapter in your life the question that people ask is, “what are the options with the funds currently with my former employers retirement plan”?  A plan participant leaving an employer typically has four options and may engage in a combination of these options:

  • The participant can leave the money in his/her former employer’s plan, if permitted.
  • The participant can roll over the assets to his/her new employer’s plan, if one is available and rollovers are permitted.  Not all plans allow for account rollovers.
  • The participant can cash out the account value.  This option, taking a lump sum distribution that is not rolled over into another plan or an IRA may be costly to many individuals.  In general, the distribution will be taxed as income and if below 59 1/2 the participant will be assessed a 10% early withdrawal penalty.
  • The participant can roll over the account balance to an IRA (Individual Retirement Account).


For more information on your options please click here, fill out the attached form and a Financial Advisor will contact you shortly: