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.
avoid the 20% mandatory tax withholding imposed
Direct rollovers can be from a Qualified Retirement Plan (QRP) into an IRA. Eligible qualified plans include:
sharing plan [including 401 (k) salary reduction
stock ownership plan (ESOP)
or Keogh plan
thrift savings plan [IRC Section 7701 (j)]
Tax-sheltered annuity plans [IRC section 403(b)]
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:
earned from the employer and employee contributions.
A partial list of amounts not eligible for direct rollover include:
equal periodic payments
Employee non-deductible contributions
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.