An IRA rollover allows the movement of assets from one tax-deferred retirement plan into another.
12-Month Rule
A rollover distribution from an IRA may not occur more than once during a 12-month period. The 12-month rule applies to each separate IRA you own and is determined from the date the IRA funds are received. The 12-month limitation does not apply to direct transfers from one institution to another, or if the funds are rolled over into an IRA from a Qualified Retirement Plan or a Tax Sheltered Annuity.
Rollovers and the Roth IRA
Unless tax deferred retirement funds are converted to a Roth IRA, all earnings on your IRA rollover contributions remain tax deferred until you make withdrawals from the account. Your 401(k) must be rolled into a Traditional IRA and then converted to a Roth IRA. You may not rollover a 401(k) directly to a Roth IRA.
Other Rollover Information
There is no age restriction on a rollover or transfer deposit.
A rollover does not affect your eligibility to fund a regular or spousal IRA.
You may rollover all or part of the taxable portion received. Funds eligible, but not rolled over, are taxed as ordinary income and a 10% premature distribution penalty may be assessed if you are under 59 1/2.
For assistance with completing the simple forms necessary to establish your IRA, please contact a Member Service Representative.
Mailing Address
Box Number 47009
Gardena, CA 90247-6809
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