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Cash Balance Plan Exit Strategies: Rollovers, Distributions & Withdrawals (IRA+401k)

You probably know by now that cash balance plans are permanent plans. As such, they should be open for at least a few years, if not the duration of the company. But things can go wrong for businesses. They can lose large contracts, key employees, or even be sold to another company. There may have been intentions to have a cash balance plan forever. But for some reason, the plan Hass to be terminated early. In addition, employees can leave, and Val wants to take their vested balance with them in most situations. As a result, you need to understand the cash balance plan distributions, withdrawals, and rollovers. The good news is that any vested account balance can be rolled over into an IRA. It can also be rolled over into a 401(k), Sep, or any other qualified plan. The participant is deemed a qualified tax-free rollover if the participant does not take money out. The employee is not taxed until they take the money out at some date in the future. You cannot roll a Cash balance plan over into a Roth IRA. It should go to a traditional IRA first and then be rolled over into the Roth. But at this point, it is all Deemed taxable. Most people will simply do a cash balance plan rollover to an IRA. If the goal is to close the company at some point in the future, the 401(k) will need to be rolled over into IRAs. So it usually makes sense to distribute the amount over into an IRA. From that account, you can take withdrawals upon retirement. 401(k)s are qualified plans. As such, you can roll the cash balance plan directly over into the 401(k). But remember, 401(k)s have 5500 IRS filing requirements. Penalties have been extended, so it becomes very punitive for late filings. If you are of retirement age, you can take an annuity distribution from the plan. The normal retirement age will be 62, and any accrued benefit can be annuitized at that point. If you would like to get your own custom illustration, just click on the link below: https://www.emparion.com/free-cash-ba... If you would like schedule a free 30-minute call to review your situation, click on the following link: https://appointmentforyou.as.me/FreeI... Take a look at an article on how to set up a cash balance plan: https://www.emparion.com/cash-balance... #cashbalanceplan #distributions #withdrawals #rollover