Did you Receive
a Letter?
If you did, here’s what you need to know
I received a letter about my retirement plan
What does it mean?
If you have a retirement plan with a former employer and your account balance is less than $7,000, you may have received a letter offering you two options:
- Rolling it over to an IRA
- Closing the account and taking a distribution
Frequently Asked Questions
Do I have to rollover to an IRA?
No. While we believe this is the best option for you, you may also take a cash distribution. If you choose this route, you must request to do so within 30 days of your letter date.
What should I expect after I choose to rollover my funds into an IRA?
Please let us know that you would like to roll over to a TruthPoint IRA within 30 days of receiving your letter. Once we receive your approval, we will inform the IRA administrator who will set up your new account. Your funds will automatically be rolled over and you will receive a welcome letter guiding you on how to access your new TruthPoint IRA.
No taxes will be owed at the time of the rollover. When you choose to withdraw your money from the IRA, normal taxes will be applied.
Will I have to pay fees to rollover my funds?
You will be responsible for typical IRA fees, such as the annual IRA fee, monthly maintenance, and distribution fees. You will not be responsible for trading fees.
- Annual IRA Fee: You’ll be charged $45 annually (or $3.75 per month) when you open your account and then every year on the anniversary of that date.
- Monthly Maintenance Fee: You’ll be charged 0.04167% of your account balance. If your balance is too low to cover the fees, your account will be closed.
- Distribution Fees: If you take money out of your IRA, you’ll be charged $25 for a lump sum withdrawal and $8 for each periodic payment.
Have questions?
Contact IRA Customer Care to learn more.
855.610.5686 | Support@iracustomercare.com