Incoming rollover processing - Empower Retirement

Incoming rollover processing O V E R V I E W A rollover is a transaction used to transfer eligible assets from one qualified Retirement plan to another. If a plan allows Incoming rollovers , participants may generally contribute a eligible rollover from their previous employer s Retirement plan or from their Individual Retirement Account (IRA) into their current employer s Retirement plan. NOTE: Some 403(b) or 457 plans may allow contract exchanges or plan transfers. For more information on Empower s contract exchange services click the following link: Contract Exchange & Plan Transfer Whitepaper. Additional requirements vary depending on the type of Incoming rollover : Incoming rollover type Description Direct rollover Proceeds are made payable to the receiving institution for the benefit of the participant and sent either directly to the participant or to the receiving institution.

• Rollover assets must generally be deposited into the receiving plan no later than 60 days after the participant receives the assets from the originating plan or IRA. NOTE: Assets rolled into a plan do not count towards annual IRS contribution limits.

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  Contributions, Rollovers

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