Rollovers 101

In this 9-minute on-demand video our 401k Plan Professionals advisor, Jenna Witherbee, breaks down exactly what a retirement plan rollover is and how you can make it happen for yourself if you desire.

Remember, the three things to consider when deciding if you want to rollover your money are:

1. Performance

2. Cost

3. Convenience

According to the IRS: A rollover occurs when you withdraw cash or other assets from one eligible retirement plan and contribute all or part of it, within 60 days, to another eligible retirement plan. This rollover transaction isn't taxable, unless the rollover is to a Roth IRA or a designated Roth account from another type of plan or account, but it is reportable on your federal tax return. You must include the taxable amount of a distribution that you don't roll over in income in the year of the distribution.