Getting a notice about your retirement savings can be stressful, especially if it’s unexpected. The good news is that you have 30 days from the date on your notice to decide where your money goes. In this article, we’ll walk you through your options, show you how to make a choice, and explain what happens if you decide to do nothing.

I received a notice about my account. What should I do?

If your former employer's retirement plan provider sent you a notice that your balance will be moved out of the plan, you have 30 days from the date on the notice to act. Your 30 days start on the date shown on the notice, even if you didn’t open it until later. You should receive a reminder around day 15, but don't wait for that to get started on next steps.

To make a choice before the deadline, submit a rollover or distribution request in your Vestwell saver portal. For instructions on how to do this, please view our article, “How to Request a Rollover Out of Your Account.”

Please note: Your request must be submitted before the 30-day period ends.

What happens if I do nothing?

If you haven't submitted a request by the end of the 30 days, your plan can move your balance without your say-so. This is the last point at which you can choose where your money goes yourself. By default, your balance will be moved into a Vestwell IRA opened in your name.

What are my options?

You have up to four options. Whichever one best suits you depends on your individual circumstances:

• Leave the money in your former employer's plan. This is only available if your balance is over $7,000. Balances of less than $7,000 can be moved without your consent.
• Roll the money into a new employer's plan. If you have a new job with a retirement plan, you can request a rollover of your balance into that plan.
• Roll the money into an IRA of your choice. You can open an IRA with any provider you like and request a rollover of your balance into that account.
• Take the money as cash. The money is paid to you, but taxes and possibly a penalty may apply.

If you do nothing, the default described above is applied.

I'm not sure which option to choose. Who can help?

Please consult a tax professional with any questions or concerns that you have pertaining to your individual circumstances. For questions about a new employer's plan, contact that plan's administrator.

If you have trouble submitting your request via the Vestwell saver portal, contact our support team at 917-979-5358 (ext. 1) or help@vestwell.com.