An individual retirement account rollover is a transfer of funds from a retirement account into a traditional IRA or a Roth IRA. Should You Roll Over Your 401k, 403b, 457 Or Other Retirement Plan Assets Into An IRA? 457 plans are retirement plans that are sponsored by US governmental entities and certain tax-exempt organizations. You must let him know how much you want to transfer and which IRA you want to move the funds to. Beacon Capital Management Advisors is registered in all 50 States. He can do the 457 rollover into a traditional IRA now, and then do a Roth conversion – from the traditional IRA to a Roth IRA – when he reaches retirement. But that doesn’t completely remove the Roth conversion from consideration. To maintain the simplicity of managing only one retirement account, you may be able to roll over your IRA, 401(k), 457, or other retirement account(s), into your current employer’s 403(b) account. You can have your 457 plan administrator cut you a check in the transfer amount and convey it to the IRA yourself. However, if you roll pre-tax assets into a Roth IRA, you will owe taxes on those funds. A 457 plan is a retirement plan for government and nonprofit employees that is much like a 401(k). You decide to terminate employment or retire. To effect the transfer, the administrator may ask you to fill out a form. Please carefully consider investment objectives, risks, charges, and expenses before investing. Securities and Advisory Services offered through through Cantella & Co. Inc., Member FINRA/SIPC. Ask the 457 plan administrator to make a direct, or trustee-to-trustee, transfer of the specified funds to your Roth IRA or traditional IRA. Roll To Roth IRA Traditional IRA SIMPLE IRA SEP-IRA Governmental 457(b) Qualified Plan1 (pre-tax) 403(b) (pre-tax) Designated Roth Account (401(k), 403(b) or 457(b)) R o ll F r om Roth IRA Yes2: No No Traditional IRA Yes3: Yes2: Yes2, 7, after A 457 plan can also rollover into a Roth IRA, although this may mean higher taxes. A 457 plan and a Roth individual retirement account are retirement savings accounts that provide various tax advantages. A rollover IRA can be a valuable tool for your retirement plan. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. Visit performance for information about the performance numbers displayed above. Probably the biggest reason to roll over this savings to an IRA is to consolidate multiple retirement accounts. Place a “0” on line 12b for Form 1040A or 16A if using Form 1040. SIMPLE IRA: Can be rolled to the following after two years: Roth IRA, traditional IRA, SEP-IRA, 457(b), pre-tax qualified plan, and pre-tax 403(b). The Economic Growth & Tax Relief Reconciliation Act of 2001 provided greater freedom relative to transferring one type of retirement account to another, including to an individual retirement arrangement. Administrative 457(b) cash can be moved into your new manager’s 457(b), 403(b) or 401(k) — however just if the arrangement acknowledges such exchanges — or into a Rollover IRA. SEP-IRA: Can be rolled to Roth IRA, traditional IRA, 457(b), pre-tax qualified plan, and pre-tax 403(b). Contact your 457 plan administrator. Her strongest interests are the performing arts, design, food, health, personal finance and personal growth. This shows you transferred the whole amount of your 457 to an IRA. 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