Rollover IRA Features
|Highlights||A Rollover IRA allows individuals to move their assets from another IRS approved retirement plan, including 401(k), 403(b), and 457 and continue to accrue tax-deferred earnings. Assets must be reinvested in the Rollover IRA within 60 days.
Assets from various plans and IRAs may be commingled for easier management.
|Eligibility||Almost any distribution from a qualified plan can be rolled over to an IRA (exceptions include: mandatory distributions, distributions on amounts that exceeded limits, non-spousal death benefit distributions and hardship withdrawals)|
|Contribution Limits||No limits on rollover amount|
|Tax Advantages||Rollover contributions remain tax-deferred and additional earnings accumulate tax-deferred|
||Any withdrawals (except non-deductible contributions) are taxed as regular income|
Withdrawals may be taken without penalty in certain situations, including:
Minimum distributions must be taken beginning at age 70½
Note: To calculate Required Minimum Distribution use our online RMD calculator
|Deadline to Establish||Within 60 days of distribution of assets|
|Deadline for Contributions||Rollovers can be made at any time provided that the rollover is completed within 60 days of receipt of the last asset|