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Changing Jobs

If you had a retirement plan account with your former employer, chances are that you can choose to withdraw your money from the plan. To do this, contact your former employer and ask them to send you a distribution form.

If you choose to withdraw the money from your retirement plan account, you then have to decide what to do with it. If you take the money and spend it, you will owe federal and state taxes as well as an additional 10% penalty tax on the entire distribution if you're under age 55.

The better alternative is to roll the money into an IRA. The entire distribution will be processed as a "direct rollover" to a Traditional (or Rollover) IRA. Since this transaction will not be taxable, you will owe no taxes until you withdraw money from your IRA.

March 12, 2010



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The Sit Mutual Funds referred to in this site are offered and sold only to persons residing in the United States, and are offered by Prospectus only. By using this site you agree to our Terms of Use. Information in this site does not constitute an offer to sell, or a solicitation of an offer to buy shares of any Sit Mutual Funds. Shares of the Sit Mutual Funds will not be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Mutual fund investing involves risk. Loss of principal is possible. For more information on any of our Funds, download a Prospectus from this site or call 800-332-5580 to have one sent to you. The Prospectus contains important information about a fund’s investment objectives, risks, and charges and expenses, and should be read carefully before investing.
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