‘Should it stay or should it go?’ Consolidating retirement accounts could help you save time and money
Let’s face it – it can be complicated and time consuming to manage multiple retirement plan accounts. Retirement accounts can accumulate from time spent with a previous employer or even time served with the same employer when plans or vendors change over time – these accounts are often referred to as legacy accounts.
The important thing to know is you have options and you have resources to help you.
If you have a retirement account with a previous employer or a balance with a legacy retirement plan provider, you may be able to consolidate it into your Purdue retirement program with Fidelity. Fidelity – Purdue’s official provider of education, guidance and assistance related to retirement plan investments and decisions – can help you evaluate your options (in support of the financial wellness pillar of the Healthy Boiler Program) to see if consolidation could be right for you.
Taking the time to review your accounts now could end up saving you money sooner rather than later as multiple plans with different vendors could mean paying separate recordkeeping and investment fees for those plans. To get started, follow these simple steps.
Next steps:
- Join a virtual event – Fidelity retirement planners will be hosting online help desk events in May
and June 2021. Learn about your options and the steps to take to help simplify your accounts. - Schedule a time to meet one-one-one with a Fidelity retirement planner virtually – Planning partners are welcome to join.
- Log in to your account to review your options or start the process online.
- Review the 4 Reasons to Consolidate Accounts.
- Consider bringing relevant account statements and any paperwork to help address your questions and needs. A Fidelity retirement planner will be online to help you complete the required paperwork.
Questions
Questions specific to your Purdue retirement plan and the consolidation process can be directed to Fidelity at 800-343-0860.- May 2021, Issue #22
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