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Retirement accounts


ROLLOVER INDIVIDUAL RETIREMENT ACCOUNTS (IRAS)

If you have a retirement plan account with a former employer, you have choices
for what to do with the assets, including:1

 

 1. Leave the assets in your former employer’s plan
 2. Withdraw the assets in a lump-sum distribution2,3
 3. Roll over all or a portion of the assets to a traditional IRA
 4. Move the assets to your new employer’s retirement plan
 5. Convert all or a portion of the assets to a Roth IRA

 

Each has different advantages and disadvantages in terms of investments, fees,
withdrawal rules, required minimum distributions, taxes (particularly with
reference to employer stock) and protection from creditors. A Merrill Lynch
Wealth Management Advisor can review these choices with you in the context of
your goals and financial situation to help you decide what might be appropriate
for you.


LEAVE THE ASSETS IN YOUR FORMER EMPLOYER’S PLAN


PROS

 * Access to familiar investment choices
 * Likely lower costs
 * Broad protection from creditor claims under federal law
 * Preserve tax-deferred growth potential
 * If between 55 and 59½, may be able to take early withdrawals free of the 10%
   additional tax


CONS

 * Investment choices may be limited
 * Plan rules on distributions and beneficiary distribution choices may be
   restrictive
 * Can’t make new contributions or take loans
 * The Required Minimum Distribution (RMD) rule applies if assets are left in a
   former employer's plan4,10





WITHDRAW THE ASSETS IN A LUMP-SUM DISTRIBUTION2,3


PROS

 * Immediate access to the assets
 * Choose how you spend or re-invest the assets


CONS

 * Taxes will reduce the amount you receive5
 * Cannot put assets back into former employer’s plan
 * Less opportunity for potential tax-deferred future growth





ROLL OVER ALL OR A PORTION OF THE ASSETS TO A TRADITIONAL IRA


PROS

 * Potential for future tax-deferred growth
 * Can make new contributions to rollover IRA6
 * Typically more investment choices and planning tools
 * Access to investment advice


CONS

 * Limited opportunity for early withdrawals without paying a 10%
   early-withdrawal additional tax (early tax is not due for amounts rolled
   over)
 * Loans are not available
 * Protection from creditors in bankruptcy only
 * Additional fees should be considered when moving assets to an IRA (for
   example, transfer fees may apply)





MOVE THE ASSETS TO YOUR NEW EMPLOYER’S RETIREMENT PLAN


PROS

 * Access to potentially new investment choices
 * Avoid immediate taxes and a potential 10% early-withdrawal additional tax
 * Broad protection from creditor claims under federal law
 * Preserve tax-deferred growth potential
 * May not have to take RMDs if you are still working4,10
 * May be able to take a loan7


CONS

 * Some plans don’t allow rollovers7
 * There may be waiting periods or other restrictions7
 * Investment choices may be limited





CONVERT ALL OR A PORTION OF THE ASSETS TO A ROTH IRA


PROS

 * Withdrawals of contributions are federal income tax-free (taxes are paid at
   time of contribution)
 * Qualified withdrawals of any earnings8
 * Able to pass potential earnings to heirs federal income tax-free9
 * Original account owner doesn’t have to take RMDs9
 * Potential hedge against rising taxes


CONS

 * Income taxes paid when you convert the assets
 * Loans are not available
 * Limited opportunity for early withdrawals
 * Protection from creditors in bankruptcy only
 * Additional fees should be considered when moving assets to an IRA (for
   example, transfer fees may apply)




THE CHOICE IS YOURS AND WE’RE HERE TO HELP

Ultimately, your choice depends on your financial situation, goals and
priorities. A Merrill Lynch Wealth Management Advisor can help you understand
how your choice can help meet your retirement goals.

 


THINGS TO CONSIDER:

 * Do you fully understand the choices available to you for assets in a former
   employer’s retirement plan?
 * Have you discussed the choices with your tax advisor?
 * If you don’t use all the assets during your lifetime, would you like to make
   them part of the legacy you leave behind?


DOWNLOADS

 * Making the Most of Your Retirement Assets Fact Sheet
 * Making the Most of Your Retirement Assets Brochure


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version.

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When we make recommendations regarding securities or investment strategies
(including as to rollovers and account types) with respect to retirement assets,
we are a fiduciary within the meaning of Title I of the Employee Retirement
Income Security Act (ERISA) and/or Section 4975 of the Internal Revenue Code, as
applicable.

 

1 You have choices about what to do with your employer-sponsored retirement plan
accounts. Depending on your financial circumstances, needs and goals, you may
choose to roll over to an IRA or convert to a Roth IRA, roll over an
employer-sponsored plan from your old job to your new employer, take a
distribution, or leave the account where it is. Each choice may offer different
investments and services, fees and expenses, withdrawal choices, required
minimum distributions, tax treatment (particularly with reference to employer
stock), and different types of protection from creditors and legal judgments.
These are complex choices and should be considered with care.

 

2 If any portion of your employer plan account balance is eligible to be rolled
over and you do not elect to make a direct rollover (a payment of the amount of
your employer plan benefit directly to an IRA), the plan is required by law to
withhold 20% of the taxable amount. This amount is sent to the Internal Revenue
Service as federal income tax withholding. State tax withholding and a 10%
early-withdrawal additional tax also may apply. If you timely complete an
indirect rollover, you can work with your tax advisor to obtain a refund from
the IRS when you file your tax return for the taxable year.

 

3 Certain assets may be eligible for Net Unrealized Appreciation (NUA) tax
treatment when distributed from an employer's plan. Please consult your tax
advisor to discuss how this may impact you.  

 

4 Effective 1/1/2023, the required beginning date is April 1 of the year after
you turn age 73.  You are required to take an RMD by December 31 each year after
that. If you delay your first RMD until April 1 in the year after you turn 73,
you will be required to take two RMDs in that year.  You may be subject to
additional taxes if RMDs are missed.  Please see your tax advisor regarding your
specific situation.

 

5 Distribution subject to immediate 20% federal tax withholding, plus applicable
state tax and possibly a 10% early-withdrawal additional tax if you are under
age 59½ or under age 55 and separated from service. You may owe additional taxes
when you file your income tax return with the IRS.

 

6 If eligible.

 

7 Contingent on specific plan rules.

 

8 Distributions from a Roth IRA are not subject to federal income tax, provided
you have satisfied a five-year holding period and at least one of the following
applies: (i) you are 59½ or older; (ii) you are a qualified first-time home
buyer (lifetime limit of $10,000); (iii) you are disabled; or (iv) the
distribution is a payment after your death to your beneficiary or estate.

 

9 Original Roth IRA account owners are exempt from taking Required Minimum
Distributions (RMDs). Beneficiaries are required to take RMDs from inherited
IRAs. A spouse beneficiary may elect to treat an inherited Roth IRA as his or
her own and would not have an RMD requirement during his or her
lifetime. Beneficiaries may be required to take RMD from inherited Roth IRAs
dependent on decedent date of death. Beneficiary distributions are complex.
Consult your tax advisor for more information on your personal circumstances.

 

10 Effective 2024, RMDs will no longer be required for designated Roth accounts
within qualified plans for the life of the original account owner.

 

This material does not take into account a client’s particular investment
objectives, financial situations or needs and is not intended as a
recommendation, offer or solicitation for the purchase or sale of any security
or investment strategy. Merrill offers a broad range of brokerage, investment
advisory (including financial planning) and other services. There are important
differences between brokerage and investment advisory services, including the
type of advice and assistance provided, the fees charged, and the rights and
obligations of the parties. It is important to understand the differences,
particularly when determining which service or services to select. For more
information about these services and their differences, speak with your Merrill
Lynch Wealth Management Advisor.

 

If you open an Individual Retirement Account (IRA) with us, depending on the
services you choose, Merrill Lynch, Pierce, Fenner & Smith Incorporated will act
in the capacity as an investment advisor or a broker, and our role and
obligations will vary as a result.


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Investing involves risk. There is always the potential of losing money when you
invest in securities. Past performance does not guarantee future results. Asset
allocation, rebalancing and diversification do not guarantee against risk in
broadly declining markets.


Merrill, its affiliates, and financial advisors do not provide legal, tax, or
accounting advice. You should consult your legal and/or tax advisors before
making any financial decisions.


This material is not intended as a recommendation, offer or solicitation for the
purchase or sale of any security or investment strategy. Merrill offers a broad
range of brokerage, investment advisory (including financial planning) and other
services. Additional information is available in our Client Relationship
Summary. 

This material does not take into account a client’s particular investment
objectives, financial situations, or needs and is not intended as a
recommendation, offer, or solicitation for the purchase or sale of any security
or investment strategy. Merrill offers a broad range of brokerage, investment
advisory (including financial planning) and other services. There are important
differences between brokerage and investment advisory services, including the
type of advice and assistance provided, the fees charged, and the rights and
obligations of the parties. It is important to understand the differences,
particularly when determining which service or services to select. For more
information about these services and their differences, speak with your Merrill
financial advisor.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S”
or “Merrill”) makes available certain investment products sponsored, managed,
distributed or provided by companies that are affiliates of Bank of America
Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered
investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Insurance and annuity products are offered through Merrill Lynch Life Agency
Inc., a licensed insurance agency and wholly owned subsidiary of Bank of America
Corporation.


Trust, fiduciary and investment management services, including assets managed by
the Specialty Asset Management team, are provided by Bank of America, N.A.,
Member FDIC and wholly owned subsidiary of Bank of America Corporation (“BofA
Corp.”), and its agents.

Bank of America Private Bank is a division of Bank of America, N.A.

U.S. Trust Company of Delaware is a wholly owned subsidiary of Bank of America
Corporation.


Banking products are provided by Bank of America, N.A. and affiliated banks,
Members FDIC and wholly owned subsidiaries of Bank of America Corporation.


INVESTMENT, INSURANCE AND ANNUITY PRODUCTS:


Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value Are Not Deposits Are
Not Insured by Any Federal Government Agency Are Not a Condition to Any Banking
Service or Activity



© 2024 Bank of America Corporation. All rights reserved.

Patent: patents.bankofamerica.com

5722030-EXP-2024-06-06

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