{"id":33870,"date":"2020-12-11T16:17:08","date_gmt":"2020-12-11T21:17:08","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=33870"},"modified":"2020-12-14T10:40:55","modified_gmt":"2020-12-14T15:40:55","slug":"business-report-your-retirement-plan-under-a-new-employer","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/12\/business-report-your-retirement-plan-under-a-new-employer\/","title":{"rendered":"Business Report: Your Retirement Plan Under A New Employer"},"content":{"rendered":"<figure id=\"attachment_33871\" aria-describedby=\"caption-attachment-33871\" style=\"width: 200px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-33871 size-full\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/12\/edward-jones-meghan-murray-c.jpg\" alt=\"\" width=\"200\" height=\"300\" \/><figcaption id=\"caption-attachment-33871\" class=\"wp-caption-text\">Meghan Murray is a financial advisor with<br \/>Edward Jones Financial in Queensbury.<\/figcaption><\/figure>\n<p>By Meghan M. Murray<br \/>\nYour employer-sponsored retirement plan is a valuable asset. But sometimes things happen that can affect the status of your plan. So, for example, if you work for a hospital that changes ownership, and you have been participating in a 403(b), 457(b) or 401(k) retirement plan, what should you do with it now?<br \/>\nBasically, you have four options:<br \/>\nCash out your plan. You can simply cash out your plan and take the money, but you\u2019ll have to pay taxes on it, and possibly penalties as well. So, unless you really need the funds and you have no other alternative, you may want to avoid liquidating your account.<br \/>\nRoll your account into your new employer\u2019s plan. If it\u2019s allowed, you can roll over your old 403(b), 457(b) or 401(k) plan into your new employer\u2019s plan. Before making this move, you\u2019ll want to look at the new plan\u2019s investment options (which should be numerous) and fees (which should be low). If you move the money directly to the new plan, you won\u2019t be taxed at the time of the transfer, and your funds can continue to grow tax-deferred.<br \/>\nLeave your plan with your old employer. If your account balance is above a certain level, you may be able to leave your plan with your old employer\u2019s plan administrator. You won\u2019t be able to contribute any more money to the plan, but if you like the investment options you\u2019ve chosen, keeping the money in your old plan might be a viable choice.<!--more--><br \/>\nMove your account into a traditional IRA. One possible advantage to moving your 403(b), 457(b) or 401(k) into a traditional IRA is you\u2019ll open up a world of new investment options, because you can fund your IRA with virtually any type of vehicle, including stocks, bonds, mutual funds, certificates of deposit (CDs) and exchange-traded funds. And if you already have a traditional IRA, you can combine the new funds with the old ones, making it easier to track your holdings.<br \/>\nAs is the case with leaving your money in your old employer\u2019s plan or transferring it to a new plan, you\u2019ll continue to benefit from tax-deferred growth.<br \/>\nKeep in mind, though, that IRAs have costs, too, possibly including transaction costs to buy or sell new investments. (One more thing to keep in mind: When you want to move a retirement plan to an IRA, you may want to make a direct rollover, so the old plan\u2019s administrator moves the money directly into the IRA, allowing you to avoid immediate taxes.<br \/>\nIf you were to make an indirect rollover, you\u2019d get the money yourself, but your old employer would have to deduct 20 percent for federal taxes, and you\u2019d have to deposit the entire balance, including the withholding, into your IRA within 60 days.)<br \/>\nWhich of these choices is best for you? There\u2019s no one \u201cright\u201d answer for everyone. You\u2019ll want to consider all the options and possibly consult with your tax advisor and financial professional. But do all you can to protect your retirement plan \u2013 you\u2019ve worked hard to build it, and you\u2019ll need to rely on it to help you pay for your years as a retiree.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Meghan M. Murray Your employer-sponsored retirement plan is a valuable asset. But sometimes things happen that can affect the status of your plan. So, for example, if you work for a hospital that changes ownership, and you have been participating in a 403(b), 457(b) or 401(k) retirement plan, what should you do with it [&hellip;]<\/p>\n","protected":false},"author":196,"featured_media":33871,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Business Report: Your Retirement Plan Under A New Employer - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/12\/business-report-your-retirement-plan-under-a-new-employer\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: Your Retirement Plan Under A New Employer - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Meghan M. Murray Your employer-sponsored retirement plan is a valuable asset. But sometimes things happen that can affect the status of your plan. 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