If you're leaving your current job...
If you're not retiring but will soon be leaving your current employer, you may be able to roll over the assets in your current retirement plan to an IRA when you leave. Rolling over your retirement plan assets to an IRA allows you to continue to defer federal income taxes and avoid the 10% early withdrawal penalty if under age 59½. In addition, interest and investment earnings will continue to accumulate free from federal income tax until withdrawn.
If you want to change IRA providers...
You can transfer from another Traditional IRA (with another provider) to Mutual of America's IRA and continue to enjoy federal income tax deferral on any interest and investment earnings.
If you already have a Traditional IRA with another financial institution or a trustee, you may be able to make a nontaxable direct transfer to a Mutual of America IRA.
Long-term tax advantages
All of the interest and/or investment earnings credited to your account accumulate tax-deferred until they are withdrawn.
Single sum distributions
If, instead of a direct rollover, you take a single sum distribution of your retirement assets, 20% will automatically be deducted for mandatory withholding tax. If you're under age 59½, you'll also pay a 10% early withdrawal penalty and regular income tax on the amount received. Provided the rollover is made within 60 days of the distribution, it will not be currently taxable. Distributions not handled by means of a direct rollover to a Traditional IRA are subject to mandatory 20% federal tax withholding. Learn more about Features & Benefits
. Rollover IRA is a variable annuity contract and is issued on form 3814-IRA or a similar form specific to your state of residence. In the states of Maine, Oregon and Utah, the variable annuity contract is issued on form IRA-2004, or a similar form specific to your state of residence. This contract does not provide additional income-tax deferral advantages beyond those available in an IRA. You should carefully consider an annuity contract's other features before making a decision, as well as the potential for a loss of account value due to the Rollover IRA's variable investment choices.