Four options for your retirement savings

It’s important to know that you have options with your retirement savings when you retire or change jobs. Having a plan in place can help ensure the money you have saved over your working life will last. Knowing what you want and speaking with a financial professional will help you make an informed decision. Below are four options you may want to consider.

1. Rollover to a Traditional Individual Retirement Account (IRA)

You may choose to roll over all or a portion of your rollover eligible distribution from the plan to an IRA if:

• You like the services available in the IRA (e.g., brokerage services, advisory services, educational materials and information)
• Your new employer’s plan does not accept rollovers
• You are considering a Roth conversion in the future (subject to tax guidelines)
• You may wish to have more control over your account, not subject to plan rules
• You may wish to have more flexible distribution options than under your former plan which did not allow for a partial distribution
• You are aware that a Voya Financial and any financial professional recommending an IRA rollover may earn compensation or other fees as a result

2. Rollover to a new plan

You may choose to roll over all or a portion of your eligible distribution into your new employer’s plan if:

• You like the investment options offered in your new employer’s plan
• You want to maintain the same level of protection from creditors and legal judgements
• You like the services available in the plan (e.g., in-plan advice, loans, educational materials and seminars, phone support)
• You have reviewed the fees in the plan and feel they are reasonable as compared to fees and expenses associated with your other withdrawal options

3. Withdraw your account

You may take a withdrawal for all, or a portion of your account, under the plan if:

• You have determined that you require a cash distribution to meet your current financial requirements
• You are invested in Company Stock and have spoken to a tax advisor who determines that your best option is to distribute the company stock into a taxable account
• You are aware of the potential tax consequences of withdrawing from a tax-deferred account
• Neither Voya Financial Advisors nor its representatives provide tax or legal advice. You may wish to consult with your attorney, accountant, or tax advisor regarding your individual situation prior to making any investment decisions

4. Stay in plan

You may choose to leave your money in the plan if:

• You like the investment options offered in your current employer’s plan
• You have reviewed the fees in the plan and feel they are reasonable as compared to fees and expenses associated with your other withdrawal options
• You want a higher level of protection from creditors and legal judgements
• You like the services available in the plan (e.g., in-plan advice, loans, educational materials and seminars, phone support)
• You are not yet subject to the IRS required minimum distribution (RMD) rules. In general, you must start taking RMDs from the plan by April 1 of the calendar year following the later of the calendar year in which you retire from the employer sponsoring the plan or the calendar year in which you have reached the RMD “applicable age.” (If you are a plan participant who is a 5% owner in the employer sponsoring the plan, you must start taking RMDs by April 1 of the calendar year following the later of the calendar year in which you have reached the RMD “applicable age.”)

The IRS defines RMD “applicable age” as:

• Age 70 1/2 for an individual born before July 1, 1949;
• Age 72 for an individual born on or after July 1, 1949 but before January 1, 1951;
• Age 73 for an individual born in 1951 through 1959; and
• Age 75 for an individual born after 1959.
• You want to preserve the appreciated value on your company stock investment in the plan

Contact your financial professional or call Voya® and speak to a retirement consultant* about your options at 855-728-7759.