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This form is primarily required for individuals who are transitioning their retirement savings from previous employers or individual retirement accounts (IRAs) into the Exelon ESP. It is particularly relevant for former employees of companies with qualified retirement plans, as well as those holding traditional or conduit IRAs. For instance, an employee who has left a job at a company with a 401(k) plan may use this form to roll over their balance into Exelon's plan, thereby maintaining tax advantages and simplifying their financial management.
To successfully file the Rollover Acceptance Form, users must adhere to specific requirements including deadlines for submission and necessary documentation. Notably, if an individual has received a lump-sum distribution from a previous employer's plan, they have only 60 days to complete the rollover into the ESP. Additionally, documentation such as checks made payable to 'Exelon Employee Savings Plan FBO [your name]' and any required letters regarding Roth or After-Tax contributions must be included.
Submitting the Rollover Acceptance Form involves several steps that ensure proper processing of your rollover request. First, obtain the form from hrservices.exeloncorp.com. Next, complete all sections accurately and gather any necessary documentation such as checks and letters from previous plan administrators. Finally, mail your completed form along with any checks directly to Exelon HR Services at the specified address.
It is crucial for users to understand that not all funds are eligible for rollover into the ESP. Specifically, amounts from Roth IRAs and certain distributions like hardship withdrawals cannot be rolled over. Furthermore, individuals should ensure they are aware of their investment elections prior to submitting their rollover request; otherwise, funds will default into Target Retirement Funds.
