Separation from service is a qualifying distributable event. If your new employer offers a group sponsored retirement plan, you should check with your employers HR department or the retirement plan provider to determine if the plan accepts incoming rollovers. If they do, you will be able to work with your new employer’s retirement plan provider to initiate and complete he transfer. Keep in mind, there is no requirement to transfer your BURP, the plan is a low-cost plan with high quality and reviewed investment options. You can review the expenses, fees and other fees of the BURP Plan on the home page of Myretireaware.com or by clicking here.
As BURP continues to improve, your investment will continue to benefit. Additionally, you will continue to receive notifications and communications from your investment provider and BURP. The Registered Principals at RetireAware are here to assist you in the decision-making process.
Here are some key questions to consider:
- Does your new plan allow for the transfer of assets into their current plan?
- Have you reviewed the summary plan description of your new retirement plan and compared? Are you comfortable with the provisions outlined in the new plan?
- Have you evaluated the fees and expenses of the Butterfield Retirement Plan and those of your new employer?
- Does the new plan contain any surrender charges or contain any provisions that will limit access to your money in retirement?
- You are under no requirement to roll your retirement plan to an IRA. The existing plan contains a diverse line up of investment options that have been competitively priced and contains features designed to benefit the employee, both current and former, of Butterfield University. Are you aware of the many benefits and features offered in your current plan?