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Step-by-Step Guide to Rolling Over an Empower 401(k) Step 1: Decide Where to Roll Over Your Funds. Step 2: Open your New IRA (if Necessary) Step 3: Contact Empower Retirement. Step 4: Initiate the Rollover Process. Step 5: Deposit the Funds Into the New Account.
The process is usually simple. You can request that the 401(k) administrator at your old company move the funds into your new employers plan through whats known as a direct transfer.
Your 401(k) administrator may send a paper check to you or to the institution where you are opening your IRA, or the money may be rolled over digitally via wire transfer. If you receive a check in the mail, youll need to make sure its sent along to your new account within that 60-day window. Act quickly.
Call a Schwab Rollover Consultant at 866-855-5635 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, if allowed under the terms of the plan, you can withdraw money from your 401(k) before age 59 . However, early withdrawals often come with hefty penalties and tax consequences.
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