ROUTING NUMBER: 307070050
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We have engaged FORVIS, LLP (Attn: Jeff Rosno, 1801 California Street , Ste. 2900, Denver, CO 80202) to perform member verifications. Kindly compare the balance of your accounts on your December 2022 statement WITH YOUR RECORDS. If balances do not agree, please address your discrepancies directly to FORVIS, LLP. Include your name, truncated account number, and an explanation of the difference noted. A reply is not considered necessary unless a difference is noted.
Kirtland CU branches and the Member Contact Center will be closed Monday, September 4 in observance of Labor Day.
Due to a power outage, our Montgomery Crossings branch is currently closed.
Our other branches remain open to serve your needs, as well as Kirtland CU Online & Mobile Banking.
ROUTING NUMBER: 307070050
By Kirtland Financial Services
Are you leaving your job and considering whether to take a distribution from your 401(k), 403(b), or governmental 457(b) plan? If so, make sure you’ve considered all your options.
In general, you have the following four options when you’re eligible to receive a distribution from your employer retirement savings plan.1
This is the easiest option — you don’t do anything at all.
Note: This may not be an option if your vested plan balance is $5,000 or less; if you’ve reached your plan’s normal retirement age; or if the payment is a required minimum distribution. Consult your plan’s terms.
Most plans allow you to take a lump-sum distribution of your account balance.
Note: If your distribution includes employer stock or other securities, special tax rules may apply that can make taking a distribution more advantageous than making a rollover. Consult a tax professional.
Note: Due to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, penalty-free withdrawals of up to $100,000 will be allowed in 2020 for qualified individuals affected by COVID-19. Individuals will be able to spread the associated income over three years for income tax purposes and will have up to three years to reinvest withdrawn amounts.
Distributions from designated Roth accounts can be rolled over only to a Roth IRA; distributions of non-Roth funds can be made to a traditional IRA or “converted” to a Roth IRA.
One of the most common questions people ask is: Should I roll over my retirement money to an IRA or to another employer’s retirement plan? Assuming both options are available to you, there is no right or wrong answer to this question. There are strong arguments to be made on both sides. You need to weigh all of the factors and make a decision based on your own needs and priorities.3
When evaluating whether to initiate a rollover, always be sure to (1) ask about possible surrender charges that may be imposed by your existing employer plan, or new surrender charges that your IRA or new plan may impose; (2) compare investment fees and expenses charged by your IRA (and investment funds) or new plan with those charged by your existing employer plan (if any); and (3) understand any accumulated rights or guarantees that you may be giving up by transferring funds out of your employer plan. It is best to have a professional assist you with this, because the decision you make may have significant consequences — both now and in the future.
Keep in mind that you don’t have to roll over your entire distribution. You can roll over whatever portion you wish. If you roll over only part of a distribution that includes taxable and nontaxable amounts, the amount you roll over is treated as coming first from the taxable part of the distribution.
1 Special rules apply if you’re the beneficiary of a plan participant.
2 Due to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, required minimum distributions (RMDs) are waived in 2020.
3 If your distribution is eligible for rollover, you’ll receive a statement from your employer outlining your rollover options. Read that statement carefully. You cannot roll over hardship withdrawals, required minimum distributions, substantially equal periodic payments, corrective distributions, and certain other payments.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional. LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.