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DIRECT ROLLOVERS

A direct rollover occurs when funds from an eligible Qualified Retirement Plan are sent directly to a Traditional IRA Plan. The individual never has control of the assets. This makes a direct rollover an easy and efficient way of moving funds into your First Bank IRA.

Direct rollovers avoid the 20% mandatory tax withholding imposed on Rollovers
Direct rollovers can be from a Qualified Retirement Plan (QRP) into an IRA. Eligible qualified plans include:
 
1.

Pension Plan

2.
Profit sharing plan [including 401 (k) salary reduction plans]
3.
Stock bonus plan
4.
Employee stock ownership plan (ESOP)
5.
HR-10 or Keogh plan
6.
Federal thrift savings plan [IRC Section 7701 (j)]
7.
Tax-sheltered annuity plans [IRC section 403(b)]
8.
State & Local government 457(b) plans
Distributions to be directly rolled over from a Qualified Plan must be composed of eligible rollover amounts. Eligible amounts include funds from:
1.

Employer contributions

2.
Non-taxed employee contributions
3.
Interest earned from the employer and employee contributions.
A partial list of amounts not eligible for direct rollover include:
1.
Substantially equal periodic payments
2.
Employee non-deductible contributions
3.
Required minimum distributions

If you are interested in rolling over Qualified Retirement Plan funds or IRA funds into your First Bank IRA, please see a Financial Service Representative at your local First Bank Branch.

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