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There are two options: roll over your old 401 (k) into your new employer’s 401 (k) plan or roll your 401 (k) into an individual IRA account.
A 401 (k) rollover is when you direct the transfer of the money in your 401 (k) plan to a new 401 (k) plan or IRA.
Roll it over into your new employer’s 401 (k) plan: This approach will require you to file some paperwork, but you’ll have all your 401 (k) money in one place.
401 (k) In the United States, a 401 (k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401 (k) of the U.S. Internal Revenue Code. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer.
A 401 (k) transfer occurs when both retirement accounts are of the same type. So if you have a 401 (k) from your old employer and want your funds with your new employer’s 401 (k), a transfer occurs.
One frequently seen rollover moves money from a former employer's 401 (k) to an IRA. You might also rollover money from your ex-employers 401 (k) plan to a 401 (k) run by a new employer.
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