Roll New York Life Annuity into company 401k

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Joined: Mon Jan 22, 2018 2:19 am

Roll New York Life Annuity into company 401k

Post by apple8888 » Mon Jan 22, 2018 2:42 am

Hello Expert,

After I moved to a new job a while back I rolled my 401k at the old company to New York Life Flexible Premium Variable Annuity. The tax qualification type for this account is IRA. I want to roll this into my current company 401k for easy management but have a few questions.
1. Is it doable to roll Annuity into 401k? It was 401k to begin with.
3. Do I need to pay any tax at this time for the transfer?
2. Any pro and con from rolling it into 401k?


Alan S.
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Location: Prescott, AZ

Re: Roll New York Life Annuity into company 401k

Post by Alan S. » Mon Jan 22, 2018 12:48 pm

Are you planning to surrender the annuity, pay the surrender charges and roll over the net cash proceeds? If not, I would drop this idea right now and save yourself a lot of time and frustration.

But if you want to investigate further, call the 401k administrator and determine:
1) Do they accept IRA rollovers from rollover IRAs?
2) If so, does an IRA annuity have to be cashed out?
3) If not, how would you make changes to the IRA annuity through the 401k plan?

Please let us know if they happen to say No to Q 2 as that would be a major surprise.

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