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401k Rollover Retirement Income Expert Cathy DeWitt Dunn Cautions Employees to Understand Their 401K Rollover Options after J.C. Penny Company Announces Large Employee Layoffs


News provided by

DeWitt & Dunn, LLC

Apr 23, 2012, 06:25 ET

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DALLAS, April 23, 2012 /PRNewswire/ -- Cathy DeWitt Dunn, president of the Dallas Fort Worth-based financial services company, DeWitt & Dunn, LLC, and host of the syndicated radio show, Safe Money Talk Radio, has a word of caution regarding 401K rollovers for individuals who are unemployed or are facing layoffs. When it comes with approaching what to do with 401k retirement money, it is imperative to understand one's options to avoid triggering a taxable event and incurring IRS penalties.

"During the confusion and anxiety that comes after a layoff, many people neglect to think about what to do with their 401k assets," said DeWitt Dunn. "Many choose to simply keep the funds with their former employer's plan, which may not be the best long-term solution. Others make the mistake of cashing out entirely then find themselves facing severe tax liabilities and penalties. Luckily, there are steps that can be taken to rollover that money into qualified retirement accounts that protect against negative tax consequences. Once people understand the process, it becomes easier to make a good decision regarding a 401k rollover."

As part of a continuing educational series, DeWitt Dunn's retirement income planning website, www.annuitywatchusa.com, has released a new informational guide designed to answer common concerns regarding 401k rollovers including:

  • An employee's legal rights under the Employee Retirement Income Security Act of 1974 (ERISA)
  • The three options available for keeping, closing, or moving a 401k account after a layoff
  • How to avoid triggering a taxable event
  • How to avoid IRS penalties for early withdrawal
  • Options for protecting and growing retirement assets

A copy of the guide may be downloaded at www.annuitywatchusa.com. In addition, Safe Money Talk Radio's podcast series may be heard on the Annuity Watch USA iTunes channel (http://itunes.apple.com/us/podcast/annuity-watch-usa/id515374008).

"With JCPenney laying off over 800 people just down the road from us, many of our callers are looking for guidance on what to do with their 401ks," said DeWitt Dunn. "And, while jobless claims have thankfully continued to fall over the past few weeks, the high unemployment rate underscores the need to educate the American workforce on the options available for successful retirement planning."

About DeWitt & Dunn, LLC

DeWitt & Dunn, LLC is proud to be on the forefront of innovative financial solutions for the individual investor. The company specializes in helping individuals and families strengthen their retirement outlook with lifetime income solutions not available from traditional brokerage houses. DeWitt & Dunn has helped thousands of people start their personal journeys towards a stronger retirement with strategies designed to protect principal, generate retirement income that can't be outlived, and eliminate market loss. Additional information on DeWitt & Dunn and Annuity Watch USA may be found by visiting www.annuitywatchusa.com

SOURCE DeWitt & Dunn, LLC

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