IRA Rollovers and Transfers
BankChampaign can help you take control of your retirement savings and plan for the future that you’ve always envisioned. Whether you’re changing jobs or shifting your strategy, our experts can help.
Rollovers
A rollover IRA is an account that allows you to move funds from an employee-sponsored retirement plan into an IRA. This allows you to preserve the tax-deferred status of your assets without paying current taxes or withdrawal penalties at the time of the transfer. This plan can provide a wider range of investment choices to meet your financial goals and risk tolerance.
Transfers
A transfer is a move between two retirement accounts that are the same type. For instance, an old 401(k) to a new 401(k) or an old Roth IRA to a new Roth IRA. The money is transferred from the old plan’s custodian to the new plan’s custodian. The customer never touches the money and the transaction is not reported to the IRS.
