Did you know you can move funds from your 401k to an IRA? This process is called a direct rollover and does not apply to the one rollover per year rule. Funds may be rolled over from as many 401ks to IRAs as you would like in one year.
This is a great way to consolidate your retirement funds into one account, meaning fewer statements and accounts for you to keep track of, the ability to contact just one reliable source for all of your retirement funds, and of course fewer fees!
Refer to these simple steps to set up an IRA with CNB and rollover funds from a 401k:
- If you do not already have an IRA with CNB, complete the CNB IRA Application.
- Please include a check made payable to Community National Bank for the base fee and set up fee.
- If you already have an IRA established at CNB you can skip this step.
- Contact your previous employer for disbursement forms.
- Most firms require specific forms to be completed prior to issuing any funds. Please send copies of this paperwork to CNB. If special forms are not required, CNB’s Transfer Request form may be used.
- If a letter of acceptance from CNB is required in addition to disbursement forms, please contact our new accounts department at (800)680-0340 ext 6810.
- Complete the Investment Authorization Form to instruct us as to which investments to purchase within your new CNB IRA.
- Attach necessary investment subscription agreements, applications, etc.
- Send all paperwork along with the check for fees to CNB:
Community National Bank
225 Main St – PO Box 225
Seneca, KS 66538