Did you receive a letter about a rollover?
Why did it happen?
If you received a letter, your retirement plan account has been rolled into an Individual Retirement Account (IRA) in your name because your:
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retirement plan account balance was less than $7,000,
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plan terminated, you did not provide distribution instructions,
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address on file is incorrect or
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distribution check is uncashed.
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Hence, the letter informs you of a rollover to an automatic (or safe harbor) MaxIRA.
What happens next?
You do not need to do anything.
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Your balance will be automatically rolled over and invested in the Metlife Stable Value Fund, which is designed to preserve principal and provide a reasonable rate of return.
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Once your account is established, you will receive a welcome letter with instructions on how to access your new IRA.
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Then log in to view or manage your account.
What about taxes?
A rollover preserves your savings for retirement.
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You will not be taxed until you withdraw money from the IRA.
Are there fees?
Your retirement plan recordkeeper may assess fees for the rollover.
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If your account balance is less than these fees, your account will be closed, and no funds will be distributed.
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If an IRA is established for you, the IRA fees will be deducted from your IRA.
For MaxIRA related fees, download our financial disclosure statement