Frequently Asked Questions

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  • What are my options when I leave an employer-sponsored 401(k) or other type of retirement plan?

Personal Online Banking

The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.

Personal Mobile Banking

The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.

Card Manager

The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.

Zelle

The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.

Personal Finance Manager

The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.


Business Online Banking

The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.


Business Mobile Banking

The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.


Business Leasing

The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.


Business Online Bill Pay

The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.


Account Alerts

The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.


eDocuments

The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.


uChoose Rewards

The short answer is, you’ve got several. You can leave it with your former employer’s plan (as long as minimum balances are met); you can take a full or partial distribution (mandatory 20% federal tax withholding applies); you can roll it to your new employer’s retirement plan (only if the new employer’s plan allows rollovers); or you can roll it over to an IRA, a Roth IRA, or a combination of the two.