ROLLOVER MY EMPLOYER PLAN
You probably have a retirement savings plan of some kind through your former employer. It's your money. And now it's time to make a decision about what to do with it.
Let's take a look at the pros and cons of your main options.
Rolling over your plan into an IRA:
- Your funds could continue to grow tax-deferred.
- You can manage your account directly, or use the services of a financial advisor.
- You are free to make changes to your investment plan whenever you wish.
- You can choose from stocks, bonds, and mutual funds through Wachovia Securities, as well as bank products such as FDIC-insured CDs and money market accounts.
- You can combine savings from your employer-sponsored plan with other IRAs into one new Wachovia IRA.
Taking your distribution as a lump sum or in installments:
- In most cases you will receive your own contributions, plus what your employer has contributed, and what the combined amount has earned in interest over time.
- You will no longer be growing these savings for retirement.
- You may have to pay substantial income tax, at your current tax rate, and you may face penalty fees of up to 10% on all or part of the amount you receive.1
Keeping your funds in the same employer-sponsored plan:
- Your funds could continue to grow tax-deferred.
- You will usually be able to maintain control over the investments.
- You can no longer make contributions.
- Your former employer will no longer make contributions.
- Your investment choices are limited to what's offered in the plan.
We can help.
- Call Wachovia's Retirement Resource Center, (866) 588-9606, Monday through Friday, 8:00am to 8:00pm, ET.
- Find a Financial Advisor
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