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Transform your practice with comprehensive retirement products that help drive innovation and administrative simplicity at a best overall value.1. Participants with Empower Retirement options require clients to be sure of what they are doing on the company website before they make any major changes to their investment portfolios. A rollover IRA is an individual retirement account often used by those who have changed jobs or retired. The results may vary with each use and over time. Whether youre saving for a home purchase, planning for college expenses or adding to your existing retirement savings, an investment account provides a great way to keep investing if youve reached the contribution limits in your retirement accounts and want to continue investing toward other financial goals. Empower Retirement refers to the products and services offered in the retirement markets by Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: NY, NY, and their subsidiaries and affiliates. However, Empower does get its fair share of customer complaints when it comes to services and questions. The consensus is that taxes will only increase in the future. Empower is the number one choice of industry professionals1 If your marital status is listed as unknown on your account, you will need to submit a completed Beneficiary Designation Form to Empower Retirement Services. Investment products and services are offered through Wells Fargo Advisors. Enhanced implementation tracking launching soon. You can open an Empower Premier IRA in less than 10 minutes. Choose our fully bundled option or use your local third-party administrator (TPA). ETFs are not mutual funds. We offer fiduciary advice solutions for everyone. On August 1, 2022, Empower announced that it is changing the names of various companies within its corporate group to align the names with the Empower brand. To speak with a representative regarding your account, contact us Monday - Friday between 5 a.m. - 7 p.m. Pacific time, and Saturdays between 6 a.m. - 2:30 p.m. Pacific time. The 401(k) plan lets you take control of your retirement by investing in fund options of your choice. EFSI and Pershing are separate, unaffiliated brokerage firms. Try not to go it alone, he advises. There is also an annual custodian fee . You will now be responsible for the administrative account fee if your employer previously paid this amount. Or, if you like to take a hands-off approach, let our experienced investment advisors manage your investments for you. Market timing and excessive trading policies, How asset consolidation may simplify their overall savings strategy and provide a more accurate retirement income projection, What options they have when they leave employment (based on their unique needs and specific circumstances). Transaction fees may apply to certain mutual funds. Investing involves risk, including possible loss of principal. Its never too soon to plan for a more financially secure retirement. Learn more about how the Empower Premier Investment Account could be a perfect match for you. Which type of account would you like to sign up or register for? To speak with a representative regarding your account, contact us Monday - Friday between 6 a.m. - 8 p.m. Mountain time, and Saturdays between 7 a.m. - 3:30 p.m. Mountain time. 2023 Empower Annuity Insurance Company of America. Once you roll the money over, its you making the decisions, but getting a financial professional should be the first step. IMPORTANT: The projections, or other information generated on the website by the investment analysis tool regarding the likelihood of various investment outcomes, are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. ETFs are a type of exchange-traded investment product that must register as either an open-end investment company (generally known as funds) or a unit investment trust. The managed account service is part of the Empower Advisory Services suite of services offered by Empower Advisory Group, LLC, a registered investment adviser. Not insured by any federal government agency. If you have questions when it comes to the types of investments you should make or how to handle your own assets and make any changes, you should speak to a professional. Does your new employer's plan sound better? 2023 Empower Annuity Insurance Company of America. Great-West Financial, Empower Retirement and Great-West Investments are the marketing names of Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: New York, NY, and their subsidiaries and affiliates, including registered investment advisers Advised Assets Group, LLC and Great-West Capital Management, LLC. No annual account maintenance fee for accounts over $100,000. Higher taxes result in less income for the retiree. The amount of compensation ranges from zero to 130 bps based on the average total value of assets and cash held in your Empower Brokerage account and related brokerage accounts custodied at Pershing. Check your plans provisions to see if that applies to you. An individual can contribute up to $7,000 annually, depending on the persons age. You are immediately vested in the 401 (k) and can decide how your money should be invested given your individual goals, risk tolerance, and timeline. Employment, Contracts, Practice Management. another plug for you to do a backdoor Roth IRA as you said currently you are just doing a 403b and a 457b. Your State of Texas retirement plan does not include automatic cost-of-living adjustments . 900 Elm Street, Suite 600. Deciding between traditional vs. Roth IRA? Financial wellness & participant experience. Once the Fund Office receives the termination date and final contributions from the employer, the information will be updated and transmitted to Empower Retirement Services. Mid Cap Funds; Alger Weatherbie Specialized Growth A: American Century Mid Cap Value Inv: BlackRock Mid-Cap Growth Equity Inv A: Empower Ariel Mid Cap Value Fund Inv: Empower Mid Cap Value Inv: Empower S&P MidCap 400 Index Fund Inv: Empower T Rowe Price MdCp Gr Fund Inv: Janus Henderson Contrarian T: Janus Henderson Enterprise S: JPMorgan Mid . For that reason, when you withdraw it later neither what you contributed nor what it earned is taxable you will pay no taxes on your withdrawals. Empower Annuity Insurance Company of America. Unless otherwise noted: Not a Deposit | Not FDIC Insured | Not Bank Guaranteed | Funds May Lose Value | Not Insured by Any Federal Government Agency. See how Empower is delivering an innovative experience that helps savers see their whole financial picture: anywhere and anytime, on any device. Which type of account would you like to sign up or register for? As I've read more of the site, I've been learning about reducing fees and have wanted to change up my allocation to smaller fee options. Income generated from a Roth IRA Annuity will be tax-free as long you follow the IRS guidelines. Benefits include: This exclusive, customized portfolio and dedicated advisor team specializes in what matters most to you. The trademarks, logos, service marks and design elements used are owned by GWL&A or used with permission. Also Check: Opportunity Zone Investment Funds Vanguard. It is similar to a traditional 401 (k) or IRA, but with one key difference: the account owner is guaranteed to receive income payments each year for life. So my new company uses empower-retirement.com to manage their 401k. The fund companies listed and their representatives are part of the Empower Fund Partner Program. 1 Other account fees, fund expenses, brokerage or service fees may apply. Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. 1 Commission-free online trading of stocks and ETFs. Which type of account would you like to sign up or register for? Check with your new plan provider Investing involves risk, including possible loss of principal. Contact us for a prospectus, a summary prospectus and disclosure document, as available, containing this information. The investment options are the same in both the 401 (k) and the 457. You also have cheap index funds for large, mid, small cap, and international for under 0.10% each, if you want to fine tune things. 1 PLANADVISER magazine, 2020. Our Retirement Solutions Group consists of licensed, experienced professionals who can assist participants with the following: How asset consolidation may simplify their overall savings strategy and provide a more accurate retirement income projection. Aug 2015 - Dec 20161 year 5 months. Not all product offerings and services are available in all states or to all plan sizes and types. A rollover IRA allows individuals to move their employer-sponsored retirement accounts without incurring tax penalties and remain invested tax-deferred. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. But you should also speak to financial professionals from other companies to make sure youre making the best choice possible. Before you decide whether Empower is right for you, its a good idea to do some research. It joins other industry leaders Fidelity and Vanguard in joining the consortium in an effort to help drive auto-portability, which the group believes could drive an extra $1.5 trillion additional . With Empower Retirement, account holders have control over their investment options for both IRA and 401k investments. Empower Financial Services, Inc. reserves the right to change and/or modify pricing. Morningstar Sustainability Rating: A measure of a fund's ESG-related risk. This material is for informational purposes only and is not intended to provide investment, legal, advice or tax recommendations. The fees on your passive investment options are great - 0.16% for the target date fund. Unlike mutual funds, individual shares of ETFs are not redeemable directly with the issuer. Now youre in charge and you have more investment flexibility, said Smith. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. All rights reserved. 1 As part of the Great-West Family of Companies, Empower Retirement also leverages its relationship with Great-West Investments to provide a wide and complementary array of investment solutions for retirement investors. Also Check: How To Build A Good Investment Portfolio. 2023 Empower Annuity Insurance Company of America. Additional information may be obtained by calling 877-788-6261. BlackRock LifePath Index Retirement Fund Institutional Shares: LIRIX: C: U.S. All Cap: 8: 0.18%: U.S. Equities - Growth You will see a quarterly deduction on your statement for $12.50. You will then be routed to a service representative who will assist you in obtaining a new PIN. Speak to a representative about your specific situation and see whether Empower could help you with your financial future. If you can, keep it tax-deferred where there is potential for growth. What you decide to do with your retirement savings when you change jobs or retire could have a big impact on your future. Empower Select is celebrating four years of helping grow organizations by delivering a value-focused retirement plan. They do not reflect actual investment results and are not guarantees of future results. Keep your retirement savings where it is1, Stay where youre already familiar with everything. A one-time $10 setup fee will be deducted from your account when you open an American Funds IRA. Brokerage services such as clearing, settlement, custody and other similar functions are provided by Pershing LLC, Member FINRA/NYSE/SIPC and a wholly owned subsidiary of The Bank of New York Mellon Corporation. Read each carefully before investing. Some of the benefits include: No matter what goal you are investing for, our investment accounts can help you prepare. Moving your funds to an IRA is the route financial experts advise in most instances. Great-West Financial, Empower Retirement and Great-West Investments are the marketing names of Great-West Life & Annuity Insurance Company Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: New York, NY, and their subsidiaries and affiliates, including registered investment advisers Advised Assets Group, LLC and Great-West Capital Management, LLC. This material is for informational purposes only and is not intended to provide investment, legal, advice or tax recommendations. All times are GMT-7. Its never a bad idea to pursue opinions from multiple professionals to make the best and most informed decisions you can. Empower does not receive compensation from Personal Capital for any referrals. Contact the record keeper of your old employer-sponsored retirement plan to request a rollover. Carefully consider the investment options objectives, risks, fees and expenses. With the exception of Putnam and Empower Investments, the fund companies listed are not affiliated with Empower Retirement, LLC or its affiliates. Move your retirement savings to your new employer's plan2. You won't pay any initial or annual account fees, and can access more than 140 mutual fund options. You could also use your IRA to consolidate additional assets that might take you to the next tier and help you get more out of your relationship with Empower. 1-866-575-4977 FAQ Withdraw funds - but be aware of taxes and potential IRS penalties. But remember, taxes and IRS penalties will leave you with less than you thought. You'll be able to choose from a wide selection of mutual funds and stocks that match your personal goals and investment style. Contributions to a Roth IRA are made with post-tax income money you have already paid taxes on. New participants wishing to enroll in the USW Industry 401 Plan by processing a rollover may contact the Fund Office at 1-877-344-4015 to request an Enrollment booklet and Summary Plan Description. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. Accessing Account Information Some aspects of an Empower Retirement account are intuitive and easy to use. Weigh your options For more information regarding the name changes, please visit www.empower.com/name-change. Ultimately we build our Empower Premier Investing Account around you. Taxes and penalties can take a big bite out of your retirement savings. Retirement savings/ (Gross pay+ER contribution) = 20%+. This site is designed for U.S. residents. Financial wellness & participant experience, Market timing and excessive trading policies. Compare the main features of both here: We take all your investments and assets into account when building your portfolio and come with a game plan in helping you. Reviewing your quarterly statement on a regular basis is a good habit to . 4 Investment returns will fluctuate and are subject to market volatility so that an investors shares, when redeemed or sold, may be worth more or less than their original cost. 4 Investment returns will fluctuate and are subject to market volatility so that an investors shares, when redeemed or sold, may be worth more or less than their original cost. 3 This option will mean your retirement account will be taxable income. Which account would you like to log in to? ETFs are not mutual funds. The rest of this guide walks through that process step-by-step. Contact us for a prospectus, summary prospectus or disclosure document containing this information. Your personalized online dashboard provides a complete view of your financial picture, so it's easy to see your estimated monthly retirement income, what percentage you are on track to replace and track progress toward all your financial goals. We offer the Empower Premier IRA, which provides straightforward help and advice on your financial goals, and the Empower Brokerage IRA, which lets you select and monitor your own investments. ETFs are not mutual funds. Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). This page was generated at 11:42 PM. We offer the Empower Premier Investment Account, which offers help and guidance on your investments, and the Empower Investment Account, which makes it easy to research and trade investments online. Refer to that funds current prospectus for details. A range of no- or low-cost investment options. You may be able to transfer your IRA balance into your new plan if the new plan accepts rollovers from IRAs. Financial Advisor. No fees and low minimums to open an account 1. Consolidating multiple employer-sponsored retirement accounts can make it easier to monitor your retirement savings. But do you know the true cost? Plus, it has great tax advantages, too. 5 Online advice and the managed account service are part of the Empower Advisory Services suite of services offered by Empower Advisory Group, LLC, a registered investment adviser. Contact Empower for a prospectus, summary prospectus for SEC-registered products or disclosure document for unregistered products, if available, containing this information. Please consult with your investment advisor, attorney and/or tax advisor as needed. An IRA is a great way to invest for retirement because of its tax advantages. You'll get: So, no matter how you like to invest, on your own or having one of our licensed professionals help you, we've got you covered. thats 12K for 2019 still, and 12K for this year. Overall, the Empower Retirement website allows customers to manage their assets and get help from financial professionals virtually any time they want to. 2023 Empower Annuity Insurance Company of America. Depending on your plan, the process for Empower can be done over the phone or by filling out a form, and a check will either be mailed to your new account provider or sent directly to you to deposit into the new account. 6 The first 1,000 trades placed online each calendar year are $0; thereafter, each online trade will be charged $6.95. The sustainability rating is depicted by globe icons: A low ESG risk score equals 5 globes, and a high ESG risk score . Securities offered or distributed through GWFS Equities, Inc., Member FINRA/SIPC and a subsidiary of Great-West Life & Annuity Insurance Company. If you rolled after-tax deferrals from an employers plan into a traditional IRA, you may not subsequently roll those after-tax deferrals to another employers retirement plan. And when you open an IRA with us, we make it easy for you to invest how you want. This material is for informational purposes only and is not intended to provide advice, investment, legal or tax recommendations. You May Like: How Do I Use My 401k To Start A Business. (7,000 participants; published June 2014). IMPORTANT: The projections, or other information generated on the website by the investment analysis tool regarding the likelihood of various investment outcomes, are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. No annual account maintenance fee for accounts over $100,000.1, Commission-free online trading of stocks and ETFs.2. Generally, an amount already invested in American Funds can be rolled over into an American Funds IRA without paying any up-front sales charges. It's the money you've been setting aside for your future. Do-it-for-me investor who prefers a professionally managed account, Knowledgeable do-it-myself investor who understands the risks associated with the investments available through a brokerage account, Choose from thousands of mutual funds, exchange-traded funds (ETFs), individual equities and fixed-income securities.4, Available through My Total Retirement (no-obligation 90-day trial)5, Access to professional guidance from an advisor when you want it, Low-cost or complimentary comprehensive financial planning with a financial professional who is certified, No setup, administrative, closure or transaction fees1, No annual maintenance fee for account balance of $100,000 or greater, Commission-free online stock and ETF trading up to the first 1,000 trades placed online each calendar year; $6.95 per trade thereafter4. We assume you plan to open an IRA, but have included instructions for rolling into your new employers 401K as well. Transaction fees, where applicable, will be noted during online order entry or via your registered representative during broker-assisted trades. You will then be asked a series of questions. When prompted press the star key on your phone key pad. Low account fees and a range of investment choices We are committed to keeping your information secure and stand behind our online and mobile security with the Empower Security Guarantee. 4 Additional transaction fees may apply depending on trading activity. Roth IRA Annuity: Setup a Roth IRA Annuity first. The best funds that they offer are: WellsTrade and Intuitive Investor accounts are offered through WFCS. Transaction fees, where applicable, will be noted during online order entry or via your registered representative during broker-assisted trades. 2 Investment returns will fluctuate and are subject to market volatility so that an investors shares, when redeemed or sold, may be worth more or less than their original cost. In addition, non-qualified annuities are funded by money that has already been taxed, and only the interest earned will be taxed once you generate income during retirement. You also may have other options including, but not limited to a rollover distribution of the account and a lump sum payable to yourself. Need Help? Empower is the number one choice of industry professionals. Take a few minutes to explore your options. We consider all your goals and give you guidance to help meet them. A top peer is defined as an individual who is at the 90th percentile of the selected age band, salary range and gender. All rights reserved. When you are ready to get started on the 401K rollover process, were here to help. Your most recent pay stub may help in answering the questions. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Money Market Fund. Invest money with tax-free potential growth, Do-it-myself investor who wants access to an advisor when they need one Before rolling your money into a new plan, you should compare the plans investment options and withdrawal rules with those of your IRA. Unlike mutual funds, shares of ETFs are not individually redeemable directly with the ETF. Please consult with your financial advisor, call (866) 317-6586 to speak to a retirement consultant, or email us at RetirementSolutionsService@empower-retirement.com. Brokerage accounts are subject to EFSI review and approval. Non-U.S. residents are subject to country-specific restrictions. Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Additional information may be obtained by calling 877-788-6261. To speak with a representative, please contact us between 8:30 a.m. and 8 p.m. Please click here for the appropriate contact phone numbers. Refer to that funds current prospectus for details. Choose our fully bundled option or use your local third-party administrator (TPA). Turning your old employer retirement plan account into an IRA keeps your savings tax-deferred while giving you more control over how your money is invested. 1-855-756-4738 ETFs are a type of exchange-traded investment product that must register as either an open-end investment company (generally known as "funds") or a unit investment trust.