PERF - roll over or not?

Question

I used to work for the state for a while and was enrolled in their retirement plan, PERF. I left what money was in it when I left for another job. It has been sitting there, growing, sometimes more than others, even when the stockmarket was(is)bad.

Should I roll the accumulated moneys over into an IRA or leave it where it is?

Should I start a new one or roll it over into an existing one?

I won't cash it in because I don't want to lose any of it.

Any suggestions?

Answer 1

it depends.  some 401Ks continue to invest the money for you after you've left your company.  it depends, will you be making a higher interest at your financial institution or keeping it in the 401k.  if you are going to transfer it to an ira make sure  you do a direct rollover....if you don't you will pay hefty penalties.  your bank can contact the institution and roll it over directly into an ira, the rep can tell you the investment options you have based on the amt of money it is.

Answer 2

You can talk to a financial adviser at your bank and they can tell you if there are penalties for rolling it over.  Probably not, but check to make sure.