Incoming Rollovers to Wespath
Understand how bringing outside retirement savings into Wespath works
Many individuals choose to move retirement savings from a former employer’s plan or an individual retirement account into a Wespath-administered retirement plan. Some choose to bring retirement savings together in one place for simplicity, while others may consider factors such as fees, investment approach or account management preferences. Others value investment options managed in alignment with the Social Principles of The United Methodist Church.
This page explains how these “rollovers” work, what types of retirement accounts may be eligible, and answers common questions. For guidance specific to your retirement plan or personal situation, please refer to your plan documents or contact your plan sponsor or employer.
What is a Rollover?
A rollover is the transfer of retirement savings from one qualified retirement plan or IRA to another qualified retirement plan. With a rollover, assets move from a prior retirement plan or IRA into a Wespath-administered retirement plan.
A rollover can include all or part of an eligible account balance. When completed according to IRS rules, a rollover is a distribution that does not result in a taxable event. Actual tax implications may vary based on individual circumstances.
Why Some Participants Consider a Rollover
Individuals consider rollovers for different reasons. Common considerations include:
Some participants prefer to consolidate retirement savings, so balances are easier to track and manage over time.
For some participants, lower fees or reduced expenses may be one factor when deciding where to hold retirement savings
Wespath’s investment options are managed in alignment with the Social Principles of The United Methodist Church. This may be an important factor for some participants.
Eligibility depends on your plan’s rules and IRS requirements. Always check your plan documents or contact your plan sponsor or employer to confirm what applies to you.
How Rollovers Generally Work
The steps below describe the general rollover process. Your retirement plan may have different requirements.
1. Confirm requirements with your current retirement provider
Before completing a Wespath rollover form, contact your current provider or plan administrator to confirm whether their own paperwork is required and whether any fees apply.
2. Complete an incoming rollover form
Wespath uses an incoming rollover form to collect information about your prior retirement account, the rollover amount and where the assets are being transferred from.
3. Submit the form and supporting documents
Depending on your situation, you may need to include a recent account statement or a signature guarantee. Submission methods may include mail, fax or email.
4. Wespath coordinates with your prior provider
Once the completed form and documentation are received, Wespath forwards the request and a letter of acceptance to your prior retirement plan or IRA provider.
5. Receive confirmation after retirement funds are received
After the rollover funds are received and deposited, Wespath sends a confirmation.
Common Rollover Questions
Wespath does not provide individualized tax or financial advice. Tax rules can be complex and depend on personal circumstances. Consult a tax professional for guidance specific to your situation.
Important reminders
Rollovers are governed by IRS rules and the terms of your specific retirement plan. Wespath provides general educational information but does not provide individualized tax or financial advice. Always review your plan documents and consult a professional if you have questions about your personal situation.