With a new year, comes new resolutions. For 2024, consider simplifying retirement accounts.
Do you have savings in an IRA or in a former employer’s qualified retirement plan? If you are an existing ABA Retirement Funds Program participant, you can combine these accounts with your Program retirement account to make keeping track of your savings easier.
We know what you’re thinking: Why? and How?
There are a lot of advantages to consolidating your retirement savings:
1) Only one statement to review
2) Only one ID and password to remember
3) Only one point of contact for support
4) 24/7 access to your account information
While this process may sound complicated, rolling over your accounts can be done in three simple steps:
1) Gather your account statements and contact information from former employers, qualified plans and any IRAs you may have.
2) Contact the financial institutions noted in the gathered documents to initiate the withdrawal process. Request that your check(s) be made out to the ABA Retirement Account Funds Program and mailed directly to you.
3) Download a Rollover Certification Form for Individual Participants from the Program website. Mail the check(s) and form(s) to the ABA Retirement Funds Program at the address noted on the form.
And that’s it! You’re done! Once you’ve completed these three steps, funds will be deposited into your account the day they are received.
If you have further questions, get in touch with our Account Consolidation Team at 866.865.2660.
Please carefully consider the benefits of existing and potentially new retirement accounts and any differences in features. Rollover assets may be subject to an IRS 10% premature distribution penalty tax. Consult your own legal and tax advisors regarding your situation.