Merrill Edge does not charge any fees to transfer assets from another financial institution. In addition, if you meet certain requirements, there are no annual or custodial fees with a Rollover IRA.
Self-directed Rollover IRA. No annual IRA custodial fee for Self-Directed accounts with Merrill Edge will be charged for the life of the account for existing and prospective clients who deposit or transfer $250 or more to a traditional IRA, rollover IRA, or Roth IRA. If the balance falls beneath that asset level, a fee will be charged.
Merrill Edge Advisory Center Rollover IRA. No annual IRA custodial fee for accounts with the Merrill Edge Advisory Center will be charged for the life of the account for existing and prospective clients who deposit or transfer $5,000 or more to a traditional IRA, rollover IRA, or Roth IRA, and keep the assets there for one full year. Deposits must be made to a single account before December 31, 2012 to qualify for the free for life offer. The deposit must remain in the account for one year from the date of deposit to qualify for the fee waiver. Free for Life means no custodial fee for the life of the account. Transaction and other fees may apply; please talk with a Financial Solutions Advisor for details. Accounts that do not qualify for the free for life promotion will be charged an annual custodial fee (minimum, $50; maximum, $100).
However, before initiating a rollover, you should consider any potential tax consequences, as well as fees, expenses or sales charges associated with selling an investment and buying a new one.
Absolutely. Once you've opened a Rollover IRA with Merrill Edge, it's easy to move your cash and investments from other IRA accounts into it with help from our rollover specialists.
With a direct rollover, the check from your employer sponsored plan is made out to the financial institution where you opened your IRA, for the benefit of you. Since this money is deposited directly from the 401(k) or other qualified retirement plan to the IRA, no taxes are withheld.
With an indirect rollover, the check is made payable to you. Your former employer withholds a mandatory 20% for taxes. You have 60 days to deposit these funds into an IRA, and must make up the 20% yourself, otherwise the 20% withheld will be considered a taxable distribution and only 80% will have the potential to continue to grow tax-free or tax-deferred. In addition, if you are under age 59½ you may be subject to a 10% additional federal tax, unless one of several exceptions applies.
Some companies include company stock as an investment choice. If you have invested in company stock and your stock has grown in value, rather than rolling over the stock when you roll over your 401(k) assets, sometimes taking a "lump-sum distribution" of this stock can save you significant amounts of money. There are a number of variables to consider before you decide the best course of action.
We suggest you talk with a tax advisor to help you determine if this could be an appropriate strategy for your situation.
Remember , Merrill Edge rollover specialists are available to answer your questions about moving stock. 1.888.MER.EDGE (1.888.637.3343)
Yes. There is no limit on the amount of assets you can roll over from a former 401(k) plan into a Rollover IRA.