Posted:
May 26, 2015
AMO members can now take advantage of the new 401(k) Plan provision, which allows you to consolidate not only old employer 401(k) and 403(b) accounts into the AMO 401(k) Plan, but now allows for the rolling-in of IRAs as well.
Five Reasons to Consolidate Your Retirement Accounts:
Getting Started:
AMO Plans: New enhancement to AMO 401(k) Plan has members taking action
AMO members can now take advantage of the new 401(k) Plan provision, which allows you to consolidate not only old employer 401(k) and 403(b) accounts into the AMO 401(k) Plan, but now allows for the rolling-in of IRAs as well.
Five Reasons to Consolidate Your Retirement Accounts:
- Keep Organized. Consolidating helps you keep track of your retirement accounts - including current and former employers' retirement plans, IRAs and other retirement accounts. Consolidating these accounts can make it more convenient and simplify things for you when planning for retirement.
- Monitor Your Investments in One Place. Having all of your retirement funds in one place will simplify retirement account management. By consolidating accounts, it makes it easier having one place to make changes and manage your investments, one plan statement to track, one website to access and one phone number to call for assistance.
- Investment Choices. The AMO 401(k) Plan offers a wide range of mutual fund options as well as four pre-designed "Risk Based" asset allocation model portfolios ranging from conservative to aggressive. These investment choices are professionally managed and reviewed on a regular basis.
- Pay Less in Fees. If you have multiple retirement accounts in different places, you might be paying more in fees than necessary. AMO pays all plan expenses whereas your former employer(s) may not.
- Ability to Take a Loan. The AMO 401(k) Plan allows you to take a loan, if needed. Long-term loans are not allowed from IRAs or from previous employer plans.
Getting Started:
- Contact your prior employer for 401(k) accounts or the financial institution holding your IRA and tell the representative that you wish to rollover your account to your current 401(k) Plan.
- Complete the required rollover forms from the financial institution or your prior employer, if necessary. Some institutions may even do this by phone.
- Complete the Rollover Contribution Form on www.plandestination.com. This form can be found under the 'Forms' section of the website, and when completed, should be sent to the AMO Benefits Department with the check from your financial institution. The Rollover Contribution Form is also available on the AMO Plans website.