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IRA Rollovers

28-Jul-2011

Written by Pat Rudden, VP-Trust


Are you retiring or changing jobs soon?

If so, you may want to consider a rollover of your 401K, pension, or profit sharing plans to an IRA managed by our Trust Department.

Benefits of an IRA rollover include:

  • Continued tax-deferred growth of you retirement funds
  • Consolidation of multiple retirement savings plans into one account
  • A wider range of investment choices than is usually available in company plans
  • Greater control over investments

AND MOST IMPORTANTLY - professional investment management.

An IRA generally has fewer limitations and rules than an employer-sponsored retirements plan.  For example, penalty-free early withdrawals from a Traditional IRA are allowed for a qualified first-home purchase (up to $10,000), higher education, disability and certain health insurance and medical bills.

How do you move the funds from a company retirement plan to a rollover IRA?  The most efficient way is a direct trustee-to-trustee transfer.  Once this process has been initiated, the former employer cuts a check and sends it directly to the new custodian or trustee.  This process allows for continued tax deferral of the funds.

Our Trust Department offers a variety of investment plans that can be tailored to fit an individual's needs for safety, income and principal growth.


For more information on IRA rollovers, feel free to contact our trust officers:  Ben Zyburt, Tom Humphrey, or Rich Ledy in Marquette or Pat Rudden in Escanaba.



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