This type of transaction is referred to as a Rollover.
If your retirement funds are not already in an IRA elsewhere – for example, they are currently in a 401(k), a 403(b) plan, a 457(b) plan, an annuity, a Pension Plan, or another Workplace Retirement Plan – and you want to enjoy the ease and benefits of an IRA with EECU, we can request the retirement funds to be sent to us from your plan provider using a Direct Rollover request. We will need a recent account statement from your current retirement plan holder. Once we receive the funds from them, we will mail copies of forms and checks, and a receipt, to you.
A Direct Rollover request is a direct movement of assets between a qualified retirement plan into an IRA, and is from one retirement plan holder to us. This transaction is reportable to the IRS.
Please call us at 800-538-3328, email us at iradesk@myeecu.org, or visit your nearest EECU branch for assistance with this. We want you to enjoy your IRA here at EECU as soon as possible.
Important Consideration:
Please be ready to provide us a recent account statement from your current retirement plan holder. This helps us facilitate the transaction quicker. Once we receive the funds from them, we will mail you copies of applicable forms and a receipt.
Important Disclosure: This information is for educational purposes and does not constitute tax or legal advice. Tax laws are complex and subject to change. EECU recommends consulting with a qualified tax advisor to determine your eligibility and the best IRA strategy for your specific financial situation.