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Consolidate Your IRAs

Using Transfers & Rollovers

Consolidating your IRAs can make it easier to manage your retirement savings.  By consolidating your accounts into one, you can reduce investment fees and maximize your returns.

Transfers and rollovers are the two best methods for consolidating your IRAs.   Evaluate your personal circumstances to decide which route is best for you.

IRA Transfer Illustration

Transfers:

An IRA transfer refers to the movement of funds between the same types of accounts with no distribution to you.

Example:  Move money from a Traditional IRA at another institution, to a Traditional IRA at Great River Federal Credit Union.

Benefits of a Transfer

Transfers are conveniently completed by the distributing and receiving financial institutions, and the transaction is neither taxable nor reportable to the IRS.

Information Needed by Great River:

  • Account Number at Current Institution
  • Mailing Address of Current Institution
  • Source of Transfer (i.e. Traditional or Roth IRA)
  • Amount to Transfer

Information to be Provided to your Current FI:

Mail Transfer Information To:
Great River Federal Credit Union
1532 West Saint Germain Street
Saint Cloud, MN 56301

320.252.5393

Great River IRA Account#

Rollovers:

Consider a rollover if you leave a job in which you participated in an Employer Pension or Profit-Sharing Program, like a 401(k), and you want to move your funds to a Great River FCU IRA.

Speak to your company’s Plan Administrator to complete the necessary forms.   Once completed, the Administrator will distribute the assets of your IRA directly to you.  Those funds should be deposited into the new IRA within 60 days.  This transaction is reportable as a distribution; and will be reported as a rollover

Benefits of a Rollover

By rolling over your retirement savings from an employer-sponsored retirement plan directly to an IRA, you’ll avoid mandatory 20% income tax withholding and any IRS early distribution penalty. Investment surrender fees may still apply.  Rollovers to IRAs also allow you to retain the tax-sheltered status of your retirement savings while maintaining complete control over your investment selection and account access.

Information to be Provided to your Current Financial Institution or Plan

Mail Rollover Checks to:

Great River Federal Credit Union
1532 West Saint Germain Street
Saint Cloud, MN 56301

320.252.5393

Great River IRA Account#

 

Attention: IRA funds cannot be withdrawn unless they have been on deposit for at least 10 business days.

This article is intended to provide general information and shouldn’t be considered legal, tax, or financial advice.  It’s always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation.