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Automatic Rollover |
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Automatic Rollover The transfer of a small amount of funds from one IRA to another owned by the same person without the owner's authorization. Rollovers happen most often when an employee changes jobs and therefore IRA accounts. Automatic rollovers occur when there is a small amount of money (usually $1,000 to $5,000) left in the first account; a plan administrator is responsible for transferring the funds between accounts. Since 2005, automatic rollovers into a traditional IRA have been required in this situation. See also: Involuntary cash-out. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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