After losing a job or moving into a new position many employees are unclear about what options they have for their retirement programs.
Online PR News – 04-July-2013 – Port Huron, MI – Port Huron, MI — After losing a job or moving into a new position many employees are unclear about what options they have for their retirement programs. Cashing out their pensions or 401(k)s can have serious financial implications, and the mismanagement of the funds can lead to a drastic decrease in investment returns. At the EACU credit union they are helping customers understand their investment options after a change in employment status with rollover seminars.
With the help of the EACU bank, customers will have the answer to the most pressing questions concerning the future of their 401(k). Traditionally, employees have only had four choices for their 401(k) when leaving a job. First, they can keep the funds with their previous employer, but this is not an optimal solution, as the fund management company will charge significant fees to maintain the account. Second, the employee can rollover the funds into a new employer’s 401(k) plan. This solution only works if the employee already has new employment line up. Third, the employee can cash out the 401(k), though there are very steep penalties for doing so. The final choice is to rollover the 401(k) into an IRA. At the EACU bank they can help customers decide the best option, and get the paperwork completed if the customer chooses an IRA.
The seminars offered by the EACU bank are short, but informative. Each session lasts less than an hour, but the investment advisors at the EACU bank are available to answer whatever questions the customer may have. Customers can visit www.eacu.org to find a list of upcoming seminars and reserve a seat.
At the EACU bank they strive to help customers create financial and retirement plans that make sense. By working with the retirement advisors at the EACU bank, customers can navigate the tricky waters of 401(k) rollovers and get the most from their retirement dollars.
FOR MORE INFORMATION: Visit www.eacu.org to find a local branch, or call (800) 356-EACU.