CTCU partner Investment Consultant, Brad Jenks has a conservative investment approach, but more importantly, he listens carefully to understand your financial goals and assesses your current situation. Brad offers access to an assortment of quality, non proprietary investment choices to fit every investor's needs.
Brad's service does not end there. He maintains a constant commitment to putting you first by keeping your goals in focus, staying in contact with you during changing market conditions and making investment adjustments as conditions warrant.
As an active member in the Gurnee community, Brad has provided sound investment advice for over 10 years. Brad's services are offered through LPL Financial, the nation's leading independent brokerage firm without proprietary investment products. LPL provides investment advice and access to products from many of the nation's leading investment companies.
Basically, a qualified rollover is the tax free transfer of your retirement plan at your employer, to your Individual Retirement Account, or IRA for short (restrictions and limitations may apply). It should be noted that the term 401(k) rollover is generically used as the catch all phrase for the transferring of an employer sponsored plan to an IRA. A rollover can be executed for a 403(b), 457, Profit Sharing, SEP IRA, or any other deferred compensation plan.
The rollover question usually comes up because an individual has separated employment, either voluntarily or involuntarily. Regardless of the circumstances, you may want to consider moving those retirement dollars and start managing the money.
Step 1: Open an IRA with Community Trust Investment Services
So now that you know what a rollover is, what's the next step? The first thing you will need to do is to create an Individual Retirement Account. It's at this point that you must decide if you plan to invest on your own or use some professional help.
If you have the confidence that you understand the principles of asset allocation, risk tolerance, and time horizon, then you're part of the way to self managing your account. If you also have the ability to execute unbiased and thorough research of all of the available products out there, then you're even closer to managing your own IRA. If you have the time and energy to then continuously monitor the portfolio and make the necessary adjustments, then we'd say you may be a perfect candidate to self manage that IRA. Of course, if you're reading this page, it's a safe bet that you may not have a good handle on any of those issues, so read on.
Step 2: Move the Money
After you've chosen Community Trust Investment Services to help you, and you have created your IRA, it's time to move the money from your previous retirement plan. The employer will have the necessary forms to fill out to execute this next step. If you haven't already received your distribution paperwork, contact your Human Resources department and they will provide those for you.
Once the paperwork is in hand, we suggest you sit down with our in house adviser, Brad Jenks, and have him help you fill out the forms. It's important to get this part right, as you may not want to personally receive the funds. If the funds are made payable directly to you, and not your IRA, you may be paying the IRS some income taxes and possibly a 10% penalty if you wait longer than 60 days. The qualified rollover, if done correctly, is a tax free transfer (restrictions and limitations may apply).
Step 3: Investment Decisions
The final step in the process is deciding what investment vehicles to invest in. The IRA account at Community Trust Investment Services will give you the flexibility to invest in many different kinds of investment vehicles. Set up an appointment with Brad and he will help guide you through the investment selection process, and help you manage that IRA throughout your retirement years.
That's it; your money is now invested in an Individual Retirement Account. Other than the ongoing management of your retirement portfolio, you're done with the rollover process.
|Not FDIC Insured||No Bank Guarantee||May Lose Value|
|Not a Deposit||Not Insured by any Federal Government Agency|