Frequently Asked Questions
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- What are my options when I leave an employer-sponsored 401(k) or other type of retirement plan?
Personal Online Banking
The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.
Personal Mobile Banking
The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.
Card Control
The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.
Zelle
The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.
Personal Finance Manager
The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.
Business Online Banking
The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.
Business Mobile Banking
The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.
Business Leasing
The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.
Business Online Bill Pay
The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.
Account Alerts
The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.
eDocuments
The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.
uChoose Rewards
The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.