Direct 401k Rollover to a New Employer’s Retirement Plan

Rolling over your 401k to your current employer’s plan is sometimes a viable option, because like when you rollover your funds to an IRA, there are no negative tax implications. Some plans allow you to borrow your 401k savings, although, it is usually not a wise decision to take a loan from your 401k. Obtaining a loan from your account would only be available if you rollover your old 401k account into your current employer’s plan and the current plan has a loan provision. Another advantage of rolling over funds from your old plan into your current plan is that you consolidate funds and have one less account to keep track of. A significant disadvantage to rolling over your funds into your current employer’s plan is that you are limited to the investment options that are available through the plan. If you are considering rolling over dollars from your old 401k into your new employer’s plan, you should contact your new employer’s human resources department to ensure the plan has a rollover provision that would allow such a rollover.

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