401(k) Rollover Contributions

2020 and 2021 Plan Year Information

Rollover Contributions

You may roll over certain distributions from other plans to the 401(k) Plan, such as distributions from your prior employer’s 401(k) Plan.

However, the annual IRS limits apply to contributions you make to any 401(k) Plan during the year. Therefore, if you contributed to another employer’s 401(k) Plan during the year, you must take into consideration any contributions made to that plan to ensure that you don’t exceed the IRS annual maximum.

See the 401(k) Plan Summary Plan Description for rollover rules and directions.

Avoid Penalties

Since 401(k) plans are designed to help you save for retirement, there are penalties for taking your money out early. You’ll owe income taxes on the total amount you withdraw to the extent such amounts are taxable, and you may also owe a 10% early withdrawal penalty. The Plan has both loan and hardship withdrawal options in case of financial emergency.