Increased Portability
What does it mean to have "portable money"?
It means having the ability to move money from one type of retirement account to another.
Due to the tax law changes, you may now be able to:
- Move assets between various types of defined contribution plans such as 401(k), 403(b), and 457 plans.
- Rollover money from an IRA to a 401(a) qualified plan, 403(b) plan, or 457 plan.
- Rollover after-tax contributions to another qualified plan or to an IRA.
- Get permission from the IRS to extend the 60-day rollover period in case of casualty, disaster, or other events beyond reasonable control.
- Roll retirement benefits to an IRA or qualified plan if you are a surviving spouse.
What the changes mean for you
If you ever change jobs, you can rest easier. You may be able to roll your retirement account balance right into a qualified retirement plan with your new employer, or into an IRA - whichever you choose.
