Simplify your retirement with an IRA rollover

Rolling your existing workplace and IRA accounts into a single IRA can make it easier to track and pursue your retirement goals.

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See below for important information about rollover options.

What is an IRA rollover?

An IRA rollover1 is the process of transferring funds from an employer-sponsored retirement plan, often a 401(k) or 403(b), into an IRA retirement account. You can also roll over from another IRA. As you switch jobs or retire, an IRA rollover allows you to keep potential tax benefits and move funds to an account that can offer more investment options and flexibility than many employer-sponsored retirement plans.

Saving for the future shouldn't feel like work

Get moving toward your goals with an IRA rollover.

No account fee

Eliminate overlapping costs and pay no annual account fee with TIAA2

No minimum

Transfer any amount and benefit from no-fee and low-fee investment options

Professional advice

Invest on your own and get advice at no additional cost,3 or let us do the investing for you

Lifetime income

Get TIAA's exclusive IRA option of guaranteed income for life4

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Here’s how to roll over a 401(k), 403(b) or IRA into a TIAA IRA

Keep in mind: there are no costs to roll over and no account fees with TIAA.2

Set up

Choose an account

You can choose to open a new Roth or traditional IRA, or you can roll into an existing IRA.

Move money

Fund your IRA

Move money from previous retirement accounts to fund your IRA, either by direct transfer or check.

Invest

Select investments

Review investment choices and choose the ones that are right for you.

Set up
Move money
Invest

Know your IRA rollover options

Learn about the pros, cons and types of IRA rollovers.

Yes. You can generally roll over these accounts to TIAA IRAs.

  • 401(k)
  • 403(b)·      
  • 457(b)   
  • Roth IRA
  • Traditional IRA
  • Simple IRA
  • SEP IRA

IRS rules prevent some specific types of transfers.

The IRS sets IRA rollover rules. The rules generally require
you:

  • reinvest funds in the rollover IRA within 60 days
  • limit yourself to one rollover per year
  • do not roll over required minimum distributions, a.k.a. RMDs

The two main types of IRA rollovers are direct and indirect roll overs. In a direct rollover, your financial institution or retirement plan administrator directly sends funds to a TIAA IRA. In an indirect IRA rollover, the financial institution sends you the funds. You must reinvest the funds in the new IRA.

Yes. If you have unused savings in a 529 plan, you may roll over your 529 funds into a Roth IRA.1

Under SECURE Act 2.0, beneficiaries of 529 plans with unused savings may roll these funds into a Roth IRA under these conditions:

  • ·      
    The 529 plan has existed for, at least, 15 years
  • Funds must be rolled into a Roth IRA, not a Traditional IRA
  • Funds you’re planning to roll over must’ve been in the 529 plan for, at least, five years
  • The 529 plan beneficiary must be the same as the Roth IRA account owner
  • You must have earned income to rollover 529 funds to a new or existing Roth IRA
  • The amount you roll over must be less than the annual Roth contribution limits set by the IRS
  • In addition to the annual limits, you can roll over a lifetime maximum of $35,000 from the 529 plan 
  • Speak with a consultant for assistance from start to finish. 844-TIAA-IRA (844-842-2472).

 

1 Please consult your tax professional prior to your rollover. You and your 529 plan provider are responsible for maintaining documentation and complying with applicable IRS regulations for 529 rollovers to your Roth IRA.

Options1 Pros Cons
Leave money in your former employer's plan
  • You can keep your money growing tax deferred
  • You may be able to get loans or hardship withdrawals
  • There may be a limited number of investment options
  • Managing your assets across multiple plans or accounts could be difficult
Roll over your money into an IRA
  • The type of IRA you choose may mean there are no income taxes or penalties
  • There may be a broader range of investment options
  • Consolidating money into one IRA can give you a clear picture of retirement assets2
  • You cannot take a loan from an IRA
  • Some IRA investments may include trading expenses, such as commissions and fees
  • There are no penalty-free withdrawals prior to age 59½, though there are some exceptions

Move money into your new employer's plan
  • Your new plan may allow for a loan or hardship withdrawal
  • There are no income taxes or penalties
  • Your new employer's plan may not accept rollovers
  • Your withdrawal options may be limited

Withdraw your money in cash
  • You get immediate access to your cash
  • If you withdraw after age 55, it may be penalty free, however, if you leave your job in the year you turn 55, the 10% penalty does not apply if you have not already rolled it into another plan or IRA
  • A 20% federal income tax withholding will apply; state tax withholding may also apply
  • There's a potential 10% early withdrawal penalty if you are under age 59½
  • You could potentially lose tax-deferred, long-term growth

1Prior to rolling over, consider your other options. You may also be able to leave money in your current plan, withdraw cash or roll over the assets to your new employer’s plan if one is available and rollovers are permitted. Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment. Speak with a TIAA consultant and your tax advisor regarding your situation.

2Before consolidating assets, be sure to carefully consider the benefits of both the existing and new product. There will likely be differences in features, costs, surrender charges, services, company strength and other important aspects. There may also be tax consequences or other penalties associated with the transfer of assets. Indirect transfers may be subject to taxation and penalties. Speak with a TIAA consultant and your tax advisor regarding your situation.

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Roll over to a TIAA IRA today

Consolidate your accounts, and add more clarity to your retirement picture.

Start online

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Give us a call

Speak with a consultant for assistance from start to finish. Available weekdays, 8 a.m. – 7 p.m. (ET).

844-TIAA-IRA

1 Prior to rolling over, consider your other options. You may be able to leave money in your current plan, withdraw cash or roll over the assets to a new employer’s plan, if one is available and rollovers are permitted. Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features and tax treatment. Speak with a TIAA consultant and your tax advisor regarding your situation. Learn more at TIAA.org/reviewyouroptions.

2There is no account fee to own a TIAA IRA; however, brokerage transaction fees may apply. In addition, investors are subject to the underlying funds’ portfolio management fees and expenses.

3Financial consultants provide advice and education using an advice methodology from an independent third party.

4Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.

This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product recommendation. This material does not consider an individual’s own objectives or circumstances which should be the basis of any investment decision.

TIAA Brokerage, a division of TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributes securities. Brokerage accounts are carried by Pershing, LLC, a subsidiary of The Bank of New York Mellon Corporation, Member FINRA, NYSE, SIPC.

Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details.

TIAA Traditional is a fixed annuity product issued through these contracts by Teachers Insurance and Annuity Association of America (TIAA), 730 Third Avenue, New York, NY, 10017: Form series including but not limited to: 1000.24; G-1000.4; IGRS-01-84-ACC; IGRSP-01-84-ACC; 6008.8. Not all contracts are available in all states or currently issued.

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