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FORM 372Municipal Employees Annuity and Benefit Fund of Chicago 321 North Clark Street, Suite 700, Chicago, Illinois 60654 Telephone: 3122364700 Fax: 3125270192 www.meabf.orgDIRECT ROLLOVER ELECTION

How to fill out direct rollover election for

How to fill out a direct rollover election form:

1. Obtain the direct rollover election form: Contact your employer or the plan administrator to request the form. They may provide a physical copy or direct you to an online version you can download.
2. Fill out personal information: Start by providing your full name, social security number, and contact information. This ensures that the plan administrator can properly identify you and communicate with you regarding the rollover.
3. Specify the retirement plan: Indicate the name of the retirement plan from which you want to make the direct rollover. This could be your previous employer's plan or a qualified individual retirement account (IRA).
4. Choose the rollover amount: Determine the amount you wish to rollover. You can either specify a specific dollar amount or request to rollover the full balance in the plan. Be sure to consider any tax consequences or limitations that may apply.
5. Indicate the destination account: Provide the name of the financial institution where you want the funds to be transferred. This could be an IRA custodian or a different employer-sponsored retirement plan.
6. Provide account details: Fill in the account number and other relevant information for the destination account. Double-check the accuracy of this information to avoid any potential errors or delays in the rollover process.
7. Sign and date the form: After carefully reviewing the information you have provided, sign and date the direct rollover election form. This confirms that you understand and agree to the terms and conditions of the rollover.

Who needs a direct rollover election?

1. Employees changing jobs: Individuals who are leaving or have left a job and want to move their retirement savings from their previous employer's plan to another qualified plan or IRA.
2. Retirees: Individuals who have retired and want to consolidate their retirement savings by rolling over the balances from multiple retirement accounts into a single account.
3. Individuals with inherited retirement accounts: Beneficiaries who have inherited a retirement account may choose to make a direct rollover to an inherited IRA to manage the funds more effectively.

It's important to consult with a financial advisor or tax professional to understand the specific rules and regulations governing direct rollovers and ensure that it aligns with your retirement goals and financial situation.

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What is direct rollover election for?

Direct rollover election is a choice made by an individual to transfer retirement funds directly from one qualified plan to another, without the funds passing through the individual's possession or being subject to withholding taxes.

Who is required to file direct rollover election for?

Any individual who wishes to transfer retirement funds from one qualified plan to another is required to file a direct rollover election.

How to fill out direct rollover election for?

To fill out a direct rollover election form, individuals typically need to provide information about the sending and receiving retirement accounts, as well as their personal details.

What is the purpose of direct rollover election for?

The purpose of a direct rollover election is to allow individuals to move retirement funds between qualified plans without incurring taxes or penalties.

What information must be reported on direct rollover election for?

Information that must be reported on a direct rollover election form includes the names of the sending and receiving retirement plans, account numbers, and the amount to be transferred.