Individuals that wish to move their eligible retirement plan into another eligible retirement plan will have to complete a retirement plan rollover. You can move all or some of it to a new retirement plan, but it must be moved over within sixty days of initially withdrawing the assets.
A plan participant leaving an employer typically has four options (and may engage in a combination of these options), each choice offering advantages and disadvantages.
- Leave the money in his/her former employer’s plan, if permitted;
- Roll over the assets to his/her new employer’s plan, if one is available and rollovers are permitted;
- Roll over to an IRA; or
- Cash out the account value
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