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.
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.
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.
Once your account is established, you will receive a welcome letter with instructions on how to access your new IRA.
Then log in to view or manage your account.
What about taxes?
A rollover preserves your savings for retirement.
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.
If your account balance is less than these fees, your account will be closed, and no funds will be distributed.
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