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If you plan on rolling your 401(k) distribution into another retirement plan, but can't do it right away, it is highly advisable to use a "conduit IRA" to hold the money in the interim. A conduit IRA is a traditional IRA set up exclusively to hold your 401(k) distribution for a short period of time until you are able to roll it into your new employer's 401(k) plan or other retirement plan. You must not make any new or additional contributions to this IRA or commingle it with any other retirement money. If you do, you will not be eligible for the 10-year averaging treatment available to plan participants born before 1936.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Heartland Bank and Heartland Planning Associates are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Heartland Planning Associates, and may also be employees of Heartland Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Heartland Bank and Heartland Planning Associates. Securities and insurance offered through LPL or its affiliates are:
|Not Insured by FDIC of Any Other Government Agency||Not Bank Guaranteed||Not Bank Deposits or Obligations||May Lose Value|