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401(k) & 403(b) Rollover Guide | Empower FCU Wealth Team

By Empower FCU

How and Why to Roll Over Your 401(k) or 403(b)

Changing jobs is common. Forgetting about your old retirement account is even more common. Your 401(k) or 403(b) may still sit with a former employer, quietly minding its own business. It’s kind of like that junk drawer everyone has, where important things go to “rest” instead of getting organized.

A retirement account rollover helps you bring everything back together. Rolling over a 401(k) or 403(b) puts your savings back under your control and makes it easier to plan ahead. With the right guidance, you don't have to figure it all out alone.

This guide walks you through what these accounts are, how a rollover works, and why many members choose this step.


What happens to your retirement account when you leave a job?

When you leave a job, your retirement account doesn't disappear. It usually stays with your former employer’s plan provider unless you take action.

Over time, this can lead to:

  • Lost account statements.
  • Outdated contact information.
  • Limited investment choices.
  • Less clarity about your total savings.

Rolling over a 401(k) after leaving a job helps you bring those funds back under your control. A retirement account rollover puts you in the driver’s seat and makes managing retirement savings easier.


Understanding 401(k) and 403(b) retirement accounts


A 401(k) is a workplace retirement plan often offered by private companies. A 403(b) is similar but usually offered by schools, hospitals, nonprofits, and other public organizations.

Both accounts allow you to save money for retirement directly from your paycheck. Many employers also add matching contributions. Over time, these savings can grow through investments.

After a job change, these accounts often remain with your former employer because:

  • The plan stays active unless you move it.
  • You may not realize you have rollover options.
  • Life gets busy during transitions.

This is where a 401k rollover or 403b rollover can help simplify your financial picture.


What is a retirement account rollover?


A retirement account rollover moves money from an old employer plan into a new account, often an IRA or another eligible retirement account.

Common rollover options include:

  • Moving funds into an IRA rollover.
  • Rolling assets into a new employer’s plan, if allowed.
  • Consolidating multiple accounts into one place.

The goal is simple. You keep your retirement savings working for you while gaining better visibility and control.

A rollover doesn't mean you cash out. Your money stays invested for retirement. When handled correctly, it also avoids taxes and penalties.


Common reasons members consider a rollover


People choose rollovers for many practical reasons.

You may consider rolling over your 401(k) or 403(b) when:

  • You change jobs or careers.
  • You want all accounts in one place.
  • You feel unsure about your current investment options.
  • You want clearer retirement planning guidance.
  • You prefer personal support instead of managing everything alone.

Life changes often lead to financial changes. A rollover gives you a chance to review your strategy and adjust as needed.


Key benefits of rolling over a 401(k) or 403(b)


A rollover offers more than convenience. It can support your financial future in meaningful ways.

1. Clearer view of your savings

When accounts stay scattered, it is harder to know where you stand. A rollover helps you see your full retirement picture in one place.

2. More investment flexibility

Old employer plans may limit your choices. An IRA rollover often provides broader options that better match your goals and comfort level.

3. Simpler account management

Managing retirement savings becomes easier when everything sits together. Fewer accounts mean fewer passwords, fewer statements, and less confusion.

4. Personalized retirement planning

Working with a Wealth Advisor gives you guidance tailored to your situation. You can ask questions, review timelines, and build a plan that fits your life.

5. Ongoing support

A rollover connects you with wealth management services that grow with you. You aren't left to figure things out on your own.


How the rollover process works (and how Empower FCU helps)


Rolling over a retirement account may sound complicated, but it doesn't have to be.

Here is what the process usually looks like:

  1. You meet with a Wealth Advisor to review your current accounts and goals. Together, you discuss your 401k rollover or 403b rollover options.
  2. Your advisor helps gather paperwork and contacts your former plan provider. This step ensures funds transfer correctly and stay protected.
  3. Your money moves into the new account. Your advisor helps select investments that align with your timeline and comfort level.
  4. You receive ongoing guidance as your needs change. This includes check-ins, adjustments, and continued retirement planning guidance.

Empower FCU’s Wealth Management Team can help streamline each step. You get clear explanations, organized support, and help managing retirement savings with confidence.


When might a rollover make sense?


There is no one-size-fits-all answer.

But, many people explore a rollover when they:

  • Leave a job
  • Want to simplify finances
  • Approach retirement
  • Need clearer direction
  • Seek professional guidance

Even if you are unsure, a conversation can help you understand your choices.


You don't have to navigate retirement alone


Planning for retirement doesn't have to feel like juggling too many tabs open in your browser. A retirement account rollover can help simplify your savings, give you clearer direction, and connect you with guidance that fits your goals.

Rolling over a 401(k) or 403(b) puts you back in charge of your financial future (even if the only thing running smoothly some days is your coffee maker). With help from Empower FCU’s Wealth Management Team, you get support, clarity, and a plan that grows with you.

If you’re ready to organize your finances, schedule an appointment with a Wealth Advisor:

A simple conversation today can help you make confident choices for tomorrow.