Help for 401k plan sponsors, retirement professionals, small business, employee and 401k rules


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Frequently Asked Question

I have had a 401k for the past three years with a former employer. I recently went to work for another company that offers 401k. How can I rollover the 401k from my previous employer into my new employers plan without paying any penalties?

Answer: First, you need to check with your new employer to ensure that their plan accepts rollovers. If they do, ask them for instructions on where assets from your old 401k should be sent. Then contact your former employer and ask for the necessary form(s) to complete a rollover into your new employers plan. You incur no penalties when rolling assets from one plan to another.

The information provided here is intended to help you understand the general issue and does not constitute any tax, investment or legal advice. Consult your financial, tax or legal advisor regarding your own unique situation and your company's benefits representative for rules specific to your plan.

 


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