Rollover IRA
from Downey Savings

Downy Savings' Rollover IRA accepts distributions from qualified plans, and the funds keep their tax-deferred earnings status. If you retire or change jobs, for example, you can move the money from your former employers 401(k) into this IRA. Using a "direct rollover", you can transfer your 401(k) plan distributions and 403(b) annuity funds into this account and avoid the mandatory 20% withholding the IRS requires employers to assess if funds are distributed directly to an employee in the employee's name.

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