Indirect/60-day rollover-If a distribution from an IRA or a qualified retirement plan is paid directly to you, you can deposit all or a portion of it in an IRA or eligible retirement plan within 60 calendar days.
No taxes will be withheld from your transfer amount. Trustee-to-trustee transfer-If you’re getting a distribution from an IRA, you can ask the financial institution holding your IRA to make the payment directly from your IRA to another IRA or to an eligible retirement plan.No taxes will be withheld from your rollover amount. The administrator may issue your distribution in the form of a check made payable to your new account. Contact your plan administrator for instructions. Direct rollover-If you’re getting a distribution from an employer-sponsored qualified retirement plan, you can ask your plan administrator to make the payment directly to another eligible retirement plan or to an IRA.What is the difference between a rollover and a transfer of assets?
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You should consult with the plan administrator and a professional tax advisor before making any decisions about your retirement assets.įor step-by-step instructions, see our guide on how to roll over retirement assets.
When you’re reviewing your available options for your retirement plan assets, evaluate the investment and non-investment considerations we describe in “Making Informed Rollover Decisions” (PDF). (Keep in mind: Unlike IRA-to-IRA rollovers, you can roll over assets from an employer-sponsored retirement plan more than once every 12 months.) In an indirect rollover, the plan distributes the assets to you (the participant/employee), and you have 60 days after receiving the funds to roll them over to an IRA or other eligible retirement plan. In a direct rollover, assets from your employer-sponsored qualified retirement plan–e.g., a 401(k), 403(b) or 457(b) account–are paid directly to the receiving IRA on your behalf (as the plan participant/employee). To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.There are different kinds of rollovers. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising.
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This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. We strive to provide you with information about products and services you might find interesting and useful. Programs, rates, terms and conditions are subject to change without notice. Credit and collateral are subject to approval. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.
(MLLA) and/or Banc of America Insurance Services, Inc., both of which are licensed insurance agencies and wholly-owned subsidiaries of Bank of America Corporation.īanking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. Insurance Products are offered through Merrill Lynch Life Agency Inc. Both are indirect subsidiaries of Bank of America Corporation. Trust and fiduciary services are provided by Bank of America, N.A. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation.īank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S", or "Merrill"), a registered broker-dealer, registered investment adviser, Member SIPC layer, and a wholly-owned subsidiary of Bank of America Corporation. You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.
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