Many employers offer workers the opportunity to pursue Individual Retirement Accounts (IRAs) to help them save money over an extended period of time. Companies can consult employee benefit services to learn more about IRAs, including the advantages of offering a rollover IRA.
A rollover IRA allows workers to save money for retirement while giving them the option to bring the funds with them to different businesses. For example, an individual may leave his job while having money saved in an IRA, but a rollover account gives him the opportunity to transfer the funds to a different IRA in the future.
Employees can roll over a 401(k), 403(b) and 457(b) plans. It requires minimal effort to communicate with a former employer and a new one and have the funds transferred. An individual has the option to rollover the IRA funds by having an employer cut a check or directly transfer the money to the new account.
Employee benefits consulting can help companies rock and roll with rollover IRAs. Businesses can hire consultants to explain the advantages of a rollover IRA, giving employees insights as they choose the best retirement options available.
