About 401K Rollovers

A rollover is a way to transfer assets from a former employer's workplace savings plan, such as a 401(k) or 403(b), to your new employer's workplace savings plan or an IRA. To do this, you'll need to request a check from your previous employer, then complete and send any necessary paperwork, in one of the following ways:

1. A direct rollover: This is when your workplace savings are transferred directly to your new workplace savings plan or IRA. Taxes and penalties are not applied because the assets are not given to you. Instead, your former employer issues a check to the trustee or custodian of your new employer's plan or IRA. This transfer allows you to avoid taxes and penalties, and your savings will continue to grow tax-deferred until you withdraw them or start taking distributions at age 70. This is usually the simplest way to avoid taxes and penalties.
   
   

1. A 60-day rollover: This involves transferring your workplace savings plan assets to yourself and then moving them into an IRA or a new workplace savings plan within 60 days to avoid current income taxes. If you exceed the 60-day limit, you may face taxes and penalties. Opting for a Direct Rollover to an IRA is usually the best choice.

You can roll over most distributions except a minimum required distribution, a hardship distribution, a corrective distribution, or loans treated as distributions. Not all rollover types may be accepted into your current employer's plan, and rollovers will be subject to the rules, restrictions, administrative and investment fees, and investment availability of your current employer's plan. 

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