Roll over your old 401(k)
A simpler way to track and control your retirement funds.
Your path to personalized financial advice starts here.
Meet with one of our trusted Fiduciary Advisors today.
Consolidate your 401(k)s into a Rollover IRA
- Save time with simpler account management.
- Get a centralized view of your investments.
- Keep your retirement savings growing in a tax-advantaged account.
- Pay less in fees — including administrative, management, and service fees.
Why do an IRA Rollover with Prosperity?
Simplify your overall financial situation
With all your accounts in one place, you can get a better look at your overall retirement picture and see if your assets are properly diversified or if they need to be reallocated.
Unlock more investment options
From ETFs and mutual funds, to a robust offering of fixed-income products and annuities, you'll have access to an array of investment products—and pay less in management, service, and administrative fees.
Receive Fiduciary investment guidance
Whether you need help defining your goals, choosing investments, or creating a retirement plan, our Fiduciary Financial Advisors are here for you every step of the way.
How It Works
Open your Rollover IRA.
We'll help you fill out the forms. If you already have an IRA with us, you may be able to skip this step.
Fund your account.
Move funds from your old retirement accounts to your Rollover IRA. (There are no fees to open or maintain a Rollover IRA at Prosperity.)
Invest your funds.
Your Fiduciary Advisor will review your investment options and discuss strategies to help maximize your retirement savings.
Select an IRA
- Pay taxes now
- Receive tax-free withdrawals of qualified distributions
- Pay taxes later
- Receive potential tax deductions now
Book your complimentary strategy session.
First, I'll ask a few critical questions that will help us identify your goals and potential challenges in your financial world.
Then, I'll identify any areas where we feel we can improve your overall financial situation.
I look forward to speaking with you.
An IRA Rollover entails moving funds from one retirement account, like a 401(k), to a Rollover IRA.
A transfer of assets entails moving funds directly between two accounts of the same time, like a Roth IRA to another Roth IRA. Transfers can take place as often as you like.
There are no fees to open or maintain a Rollover IRA at Prosperity. You'll only pay for transactions you make in the account, such as trading stocks, or for investments you hold in the account, such as operating expenses on mutual funds.
Call (925) 314-8500 for comprehensive details on fees.
You can roll over eligible employer-sponsored retirement plans, including 401(k) plans, 403(b) plans, profit-sharing plans, money purchase plans, and Keoghs/Qualified Retirement Plans (QRPs).
Plans that may not be eligible include employee stock ownership plans (ESOPs) and defined benefit plans.
You may be allowed to roll over after-tax dollars and governmental 457(b) qualifying distributions. Contact your plan administrator(s) to find out if your particular plan is eligible for a rollover.
When you initiate a direct rollover, your old plan administrator will deliver your distribution directly to the financial provider where your Rollover IRA is held. Since you never actually take possession of your assets, there is no mandatory 20% federal tax withholding.
When you initiate an indirect rollover, you will receive the assets from your old employer(s). Then, you can roll over either some or all of the assets into another eligible plan within 60 days of receiving the distribution. Your employer may be required to withhold 20% for federal income tax. However, you can recover the deduction if you roll over the amount you received from your prior employer, plus the 20% that was deducted. You will receive the refund in the form of a tax credit when you file your tax return.
If your employer sends you a rollover distribution check made payable to you, you can deposit it directly into your Rollover IRA. Be sure to write your Schwab Rollover IRA account number on the check and deposit it within 60 days to avoid taxes and penalties.
Your plan administrator may have withheld 20% for federal income tax. You can recover the deduction if you roll over the amount you received from your prior employer plus the 20% that was deducted.
Please see IRS Publication 590 or talk with your tax advisor for more details.
Call us at (925) 314-8500 and we will work with your former plan administrator to make sure your retirement savings are rolled over properly. Please talk with your tax advisor for details about your specific situation.
Yes, you are responsible for tracking your tax basis. All rollovers are tax-reportable events on IRS Form 1099-R for the distributed amount and Form 5498 for the contributed (rollover) amount.
A rollover of retirement plan assets to an IRA is not your only option. Carefully consider all of your available options which may include but not be limited to keeping your assets in your former employer's plan; rolling over assets to a new employer's plan; or taking a cash distribution (taxes and possible withdrawal penalties may apply).
Before you decide, make sure you understand the benefits and limitations of your available options and consider factors such as:
- Differences in investment related expenses
- Plan or account fees
- Available investment options
- Distribution options
- Legal and creditor protections
- The availability of loan provisions
- Tax treatment
- Any other concerns specific to your individual circumstances