Consolidating Your Retirement Accounts

If you’ve had more than one employer in your life, chances are that you have more than one retirement account. Combining your eligible retirement accounts into one account may make managing your money and planning for retirement easier.

Consolidate and simplify

Consolidating your accounts may seem like a big hassle, but we’ve been helping participants do it for a long time. We’ve figured out how to keep the consolidation process as simple as possible.

Combining your assets can benefit you because:

• You may have less paperwork when you consolidate accounts
• You may pay less in annual account fees when you have fewer accounts to manage
• You have access to Retirement Specialists throughout retirement

As you consider combining assets into your deferred comp account, bear in mind that qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59½. Retirement Specialists do not give legal or tax advice. Please contact your legal or tax advisor for such guidance.

Keep track of your money

When you move from job to job, it’s easy to lose track of your previous retirement accounts, especially if former employers change names, are bought out or go under completely.

In fact, according to Peter E. Preovolos, President and CEO of PenChecks, Inc., PenChecks currently has records of almost $151 million of unclaimed retirement benefits for over 58 million missing participant accounts.¹ PenChecks is one of the largest private processor of retirement distributions in the country.

Get the help you need

Talk with one of our Retirement Specialists for more information.

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¹Millions of Dollars Available in Unclaimed Retirement Benefits, http://www.prlog.org/10230235-millions-of-dollars-available-in-unclaimed-retirement-benefits.html, May 5, 2009