Roll Over Your 401k Plan

If you’re in the process of changing jobs or are about to retire, you've also got some important decisions to make regarding your retirement nest egg.

Your Basic Choices

You generally have four options for your employer-sponsored qualified (401k) plan.

1. Elect to leave the money where it is

This may be the easiest thing to do - however, your investment choices may be limited and fees may apply.
2. Transfer it directly to a plan that your new employer may offer

The problem is, most employer plans severely limit your investment choices. And in today’s environment, it makes sense to give yourself the widest possible latitude of choices.
3. Cash it out

This can be tempting, but unless you're over age 59 1/2, the IRS will assess a 10% penalty. Also, if you don't re-invest your money in a qualifying account within 60 days, the tax implications are severe. And even if you do reinvest, your former employer will be required to withhold 20% of your proceeds for federal taxes. And since these funds have been accumulating tax-deferred, you'll need to add the 20% yourself out of pocket if you want to keep all of your rollover assets intact, tax-deferred and penalty free.
4. Roll it over directly to People's United

Choose People's United for your Rollover IRA and we'll take care of all details regarding the transfer. We'll help you structure this transfer to be tax-free and penalty-free. Plus, we offer a variety of investment options to keep your retirement savings on track.

Why you should roll over your 401(k) to People's United Bank?

• You get free consultations to help you plan for retirement from qualified retirement specialists
• You have a wealth of investment choices
• You get one consolidated statement showing all of your IRA investments
• You get a free retirement snapshot

The above is general information regarding Rolling over your IRA, and does not take your unique, personal circumstances into account. It is not intended to be complete and should not be relied upon in making final decisions concerning IRA accounts. The information is not meant to constitute legal or tax advice. Please contact your tax professional for full details or visit the IRS website at www.irs.gov.