The most common rollover occurs when a 401(k) balance at a previous employer is rolled into an IRA in
order to avoid tax consequences. The 401(k) provider determines eligibility of the rollover to an IRA. Rollovers cannot be done with any existing tax–deferred or tax–free investment, and must be qualified funds to be rolled over to an IRA.
Requesting a rollover is easy and can be done relatively quickly by following these steps:
- Visit with a First PREMIER Banker to open your IRA account. If you have both pre-tax and Roth
contributions, you should open both a Traditional and Roth IRA to preserve the associated tax
benefits.
- Request the paperwork to begin your distribution from your former employer
or plan administrator.
- Request your distribution check made payable to First PREMIER Bank with a
notation of your name and IRA account number.
Contact us if you have questions or would like to discuss options for rolling over funds.