Empower Retirement 401(k) Rollover Guide

Job changers and former employees whose workplace retirement account carries the Empower brand are the primary audience for this page. Empower defines a 401(k) rollover as moving savings from a former employer plan to another employer plan or an IRA, so readers here are generally evaluating which destination applies to their situation. Empower also publishes an inbound IRA product flow—opening an Empower IRA, contacting the prior provider, depositing funds, and investing—which is a separate workflow aimed at bringing assets into an Empower IRA from elsewhere.

• Former employees whose workplace retirement account is associated with Empower and who need portal access after leaving a job.
• Job changers reviewing the paths Empower discusses, including moving to an IRA or a new employer plan.

Empower tells readers to compare plan features, fees, expenses, and tax treatment before moving money, placing the evaluation step ahead of any distribution request. The IRS describes two rollover structures: a direct transfer that moves funds between plans or IRAs, and a 60-day rollover in which a distribution paid to the participant is redeposited into a plan or IRA within 60 days.

According to the IRS, a retirement plan distribution paid directly to the participant is subject to mandatory 20 percent federal withholding, while a direct rollover to another plan or IRA is not subject to that withholding. Empower describes gathering details from both the current and destination administrators and submitting the forms required for the selected path, so having a destination in mind before requesting paperwork is practical.

• Compare features, fees, expenses, and tax treatment across the old plan and any potential destination before deciding.
• Learn the difference between a direct rollover and a 60-day rollover, since each carries different withholding consequences.
• Identify the intended destination—new employer plan or IRA—before requesting distribution paperwork.

Empower discusses several paths for an old 401(k)—leaving assets in the old plan, moving to an IRA, moving to a new employer plan, cashing out, or partially distributing and rolling the remainder—but this represents a general menu rather than a guarantee that every plan supports every option. Empower describes gathering details from both the current and destination administrators and submitting the forms required for the selected path, which indicates that form requirements can vary depending on the distribution option chosen.

The IRS applies mandatory 20 percent federal withholding to a distribution paid directly to the participant, while a direct rollover to another plan or IRA avoids that withholding, so the chosen method has a direct impact on the amount received.

• Leaving assets in the old plan is one option Empower discusses, though availability depends on the specific plan.
• Rolling to a new employer plan is listed among Empower's discussed paths.
• Cashing out and a direct rollover carry different withholding treatment according to the IRS.
• Required forms depend on the selected distribution path, so there is no single universal form.

Empower maintains a protected participant sign-in experience at participant.empower-retirement.com, which serves as the verified starting point for reviewing account details and exploring available options. Empower describes the general process as gathering details from both the current and destination administrators and then submitting the forms that correspond to the selected distribution path.

The IRS recognizes a direct transfer between plans or IRAs and a 60-day rollover as two distinct structures, each with different withholding consequences. A distribution paid directly to the participant triggers mandatory 20 percent federal withholding under IRS rules, while a direct rollover to another plan or IRA does not.

• Sign in at participant.empower-retirement.com to review account details.
• Coordinate details with both the Empower plan and the receiving administrator before submitting forms.
• A direct rollover avoids the 20 percent mandatory federal withholding that the IRS applies when funds are paid to the participant.

Empower publishes an inbound IRA product flow—opening an Empower IRA, contacting the prior provider, depositing funds, and investing—which is a distinct workflow designed for bringing assets into an Empower IRA from another provider. Separately, Empower describes gathering details from both the current and destination administrators and submitting the forms required for the selected path, so the steps involved depend on which direction assets are moving and which distribution option is chosen.

The IRS states that a distribution paid directly to the participant is subject to mandatory 20 percent federal withholding, while a direct rollover to another plan or IRA is not subject to that withholding. Under the 60-day rollover structure the IRS describes, a distribution paid to the participant must be redeposited into a plan or IRA within 60 days.

• Empower's inbound IRA product flow is a separate workflow for moving assets into an Empower IRA, not for distributing money from a workplace plan.
• Empower describes gathering details from both administrators before submitting forms, so having the destination account identified first is practical.
• Receiving a check payable to yourself instead of a direct rollover triggers mandatory 20 percent federal withholding per IRS rules.
• Skipping the comparison step Empower recommends: reviewing features, fees, expenses, and tax treatment before moving money.
• Assuming every option Empower discusses publicly is available under your specific employer plan.