Your employees may have moved on from their last job, but what about their retirement money? During times of career change, don’t forget about your employee's retirement account – learn the options so you can make the best choice for their financial future.
Career transitions can be stressful. Your employee's retirement account may not have been the first on your mind during this time, but the decisions they make about their retirement savings can have an important impact on your employee's financial future. The Participant EffectSM can help your employees make the transition process easier and ensure they keep their money working for them.
If you’re like many other American workers, you may change jobs several times throughout your career, and you may have several different retirement accounts with those employers. It can become confusing keeping track of everything. However, it’s important to know that there are several different options available in regards to retirement accounts with previous employers. The options include:
- Remain in your current plan
- Rollover to another employer’s plan
- Rollover to an individual retirement account (IRA)
- Take a cash distribution
There are pros and cons to consider with each option – that’s where the Retirement Results Team comes in. They can provide your employees with one-on-one help – from clearly explaining the details of each option to assisting them with any necessary paperwork. Don’t let a career transition throw your employee's retirement goals off track.
The Road to Retirement: Take Control of Your Employee's Future
They say that your reality is what you make of it—work toward a bright future by keeping track of your employee's retirement plans.