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Can I transfer the American Funds shares held in my retirement plan account into an IRA?

April 26, 2017account American funds held IRA retirement plan Shares transfer

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Can I transfer the American Funds shares held in my retirement plan account into an IRA?

1 Answer

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It depends on your retirement plan. Check your plan’s Summary Plan Description to see when you’re allowed to take a distribution. If you qualify to take a distribution (other than a hardship distribution or a required minimum distribution) and you own American Funds Class A, B or C shares, you can request a direct rollover to an IRA. If you own American Funds Class R shares, they have to be sold so that the proceeds can be used to purchase an IRA with Class A, B or C shares. Certain fee-based broker-dealers offer IRAs with Class F shares.