logo Login
open
What is a 401K rollover?
x
What is a 401K rollover?
A 401K rollover is retirement savings plan that you began contributing to at your place of employment, then “rolled over” into an IRA after leaving that employer. You do not pay any taxes or fees when you roll your money over, and your earnings continue to grow tax-deferred as long as they remain in the IRA. You may roll it back into a 401K if you get a new job as long as you didn’t make any contributions into it while it was an IRA.
open
Why would I want to rollover my 401K from my previous employer?
x
Why would I want to rollover my 401K from my previous employer?
The main reasons you’d want to rollover a 401K from a previous employer are to consolidate accounts from multiple employers and to gain investment options.
open
How much does it cost for MutualFinancial Investment Services to complete a 401K rollover for me?
x
How much does it cost for MutualFinancial Investment Services to complete a 401K rollover for me?
There is no charge or service fee to rollover your 401K.
open
What information should I have ready to begin the 401K Rollover process?
x
What information should I have ready to begin the 401K Rollover process?

You'll be asked to present your U.S. Social Security number and one valid form of identification.

Acceptable forms of ID include:

  • Driver's license
  • State ID
  • Military ID
  • Passport

​You will also need to provide personal information, including:

  • Date of birth
  • Former mailing address(es)

Finally, you will need to provide a statement for your current plan, as well as general information on your chosen owner or successor of the account if something were to happen to you (this person does not need to be present).

open
Can I combine my 401K rollover and annual employee contributions into one IRA?
x
Can I combine my 401K rollover and annual employee contributions into one IRA?
If you’re making contributions to a 401K, you typically keep that 401K until you leave the employer. Most companies do not allow you to roll it over while you’re still there. Some companies do however, let you rollover your 401K while you’re still employed there. If this is something you’d like to do, we’d be happy to help!
open
Will I owe taxes on my 401K rollover?
x
Will I owe taxes on my 401K rollover?
No. Rolling over your 401K is always tax-free.
open
What is a Roth IRA?
x
What is a Roth IRA?
A Roth IRA is like a regular IRA, except that you deduct the money you put into it from your taxes. With a regular IRA, you do not pay taxes on the money that you put in, so you pay taxes on the total amount when you take it out. With a Roth IRA you pay taxes as you contribute money, so there is no tax charged on future withdrawals.
open
What is an IRA?
x
What is an IRA?
An IRA is an Individual Retirement Account that you make contributions to on your own, without the help or matching benefits of an employer.
open
Are there any ongoing costs for a 401K rollover or IRA management?
x
Are there any ongoing costs for a 401K rollover or IRA management?

There may be an annual maintenance fee ranging from $1 to $40, depending on the types of investments you choose.

 

 

These questions and answers are provided for general information only and may not be completely accurate in every situation. The information provided is not legally binding on MutualBank or any of its affiliates or subsidiaries. For assistance with specific questions regarding your account(s), please contact us.

ALL YOU NEED TO KNOW

Frequently Asked Questions

 

 

Back To Top

questionmark sign - Mutual BankNeed Help?