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Government retirement rollover question
Posted on 1/16/16 at 8:27 pm
Posted on 1/16/16 at 8:27 pm
My wife is a teacher. She has 4 years of retirement built up in a state retirement account, but we have now moved states. It is very unlikely that she will ever teach in the state again (I would say <1%). I would like to take control of this retirement account and roll it over to a 401k (don't want to pay taxes now so probably just traditional). First, is it possible to roll over to a vanguard account and invest in individual stocks? Second, how much work is it to open the account and rollover another retirement account into it?
Thanks for the help.
Thanks for the help.
2
Posted on 1/16/16 at 8:44 pm to GeauxTigers777
I just did the same thing moving from Memphis, TN to Oxford, MS to teach. I immediately withdrew it, took the tax, and rolled into a traditional IRA. I already have a Roth, and you're right, traditional is the way to roll here.
The work was about an hour a day spread out one day a week over three weeks. First, meet your finance advisor. There is paperwork which must be authorized to release the funds into this account. For me, I had to deal with PERS. There is about a 60 day waiting period to have the funds released by the State. They will send your FA the check is you authorize him to, or they will send it to you made out to the investor's name.
The benefits here are the best thing. By law, these accounts are very conservative...rarely yielding a greater than 2% gain. Make the withdrawal and take greater control of where this money sits!
MS PERS Retirment Rollover Form
The work was about an hour a day spread out one day a week over three weeks. First, meet your finance advisor. There is paperwork which must be authorized to release the funds into this account. For me, I had to deal with PERS. There is about a 60 day waiting period to have the funds released by the State. They will send your FA the check is you authorize him to, or they will send it to you made out to the investor's name.
The benefits here are the best thing. By law, these accounts are very conservative...rarely yielding a greater than 2% gain. Make the withdrawal and take greater control of where this money sits!
MS PERS Retirment Rollover Form
This post was edited on 1/16/16 at 8:52 pm
Posted on 1/16/16 at 11:12 pm to GeauxTigers777
Delete
This post was edited on 1/17/16 at 2:18 am
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