Individual Retirement Account Rollover

Individual Retirement Account Rollover

The transfer of funds from a retirement account to an IRA. This usually occurs when an account holder takes a new job or otherwise wishes to take advantage of the tax benefits an IRA offers over, say, a 401(k). Most IRA programs only allow one rollover per year; with a Roth IRA, there is an income limit beyond which a rollover is not allowed. An IRA rollover may be accomplished through a direct transfer or by check; however, a check transfer brings a 20% withholding charge, so account holders are advised to make direct transfers. See also: Automatic Rollover.
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Prior to joining Prudential Retirement, Marcks spent four years at ING Financial Services, where she built and managed ING's individual retirement account rollover and payout-annuity business, Prudential said.
Another initiative is an individual retirement account rollover program for existing customers who are changing jobs and taking investments out of their employer's retirement programs.
Concerned about the potential conflict of interests involving individual retirement account rollovers, the Financial Industry Regulatory Authority has issued an alert putting financial advisers on notice to review their practices to ensure they are not crossing into gray areas.

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