SunTrust Frequently Asked Questions

Understanding SunTrust Investment & Retirement Services

Frequently Asked Questions

Our professional SunTrust Investment Services advisors would love to help you plan for a successful retirement – no matter what stage you are in life. We’ve gathered our most frequently asked questions below.

Frequently Asked Questions

What is a rollover IRA?

A rollover IRA is an account in which distributions from a qualified retirement plan, such as a 401(k) or an IRA at another institution, can be transferred to a new IRA account and the account continues to grow tax-deferred.

How does a rollover IRA differ from a traditional IRA?

The main difference is that there's no limit to the amount that can be rolled over into your rollover IRA, while the most you can contribute to your traditional IRA per year is $5,500 ($6,500 if you are age 50 or older). To learn more, visit SunTrust Individual Retirement Accounts overview or contact a SunTrust Investment Services, Inc, Financial Advisor at 844.206.8900.

Are rollover IRAs limited to retirees?

No. Whenever you leave a job, regardless of your age, you are eligible to move your retirement plan balance to a rollover IRA.

What is an eligible rollover distribution?

Eligible rollover distributions are generally the balance you have in a retirement plan such as an IRA or 401(k). Some distributions are not eligible to be rolled over. Required minimum distributions (RMDs) are not eligible,

Can I withdraw funds from my IRA before I turn 70½?

Yes. But if you make a withdrawal before you are 59½ you will owe a 10 percent early withdrawal penalty. All withdrawals from a traditional IRA are subject to income tax, regardless of your age.

What's the best way to move my retirement funds to an IRA?

In many cases, the best way is to transfer your funds directly into a rollover IRA, as this allows you to avoid the 20 percent federal withholding tax and to ensure all your money continues to grow tax-deferred. To learn more about SunTrust Individual Retirement Accounts contact a SunTrust Investment Services advisor at 844.206.8900.

Do I have to roll over my entire IRA distribution?

No. Partial rollovers are allowed, and you will still enjoy all tax advantages on the funds that are rolled over. However, any taxable portion of your distribution that you do not rollover will be subject to a 20 percent withholding tax and must be included in your income in the year the distribution is received. Note that, in some cases, there could also be a 10 percent early withdrawal penalty on the funds not rolled over.

Can I roll over my distributions into IRAs with different institutions?

Yes. You may have as many separate IRAs as you like.

Can I make my annual $5,500/$6,500 contribution into a rollover IRA?

Yes. As long as you are under age 70½ and have earned income of at least $5,500/$6,500, you may make annual contributions to your rollover IRA.

Can I combine my annual contribution IRA with my rollover IRA?

Yes. However, it might not be in your best interest to do so. If you intend to participate in another qualified plan, it makes sense to keep different types of qualified plan rollovers separate from "annual contribution" IRAs.

How much investment flexibility do I have with a rollover IRA?

When you establish a rollover IRA with SunTrust Investment Services, Inc., you can have as much investment flexibility as you choose. You can opt for a self-directed IRA if you prefer to make your own investment decisions, or you can decide to have SunTrust invest your retirement funds for you in accordance with your financial goals and objectives.

Can I invest my rollover IRA assets in anything I want?

No. There are some restrictions. For example, you are not allowed to invest an IRA in life insurance or collectibles, such as antiques, rugs, artwork, stamps, gems, metals and most coins.

Does a SunTrust rollover IRA offer any other advantages?

With SunTrust Investment Services you can choose to have your rollover IRA managed by experienced investment professionals—an important consideration if you simply don't want to assume the responsibility for investing your assets at this stage in your life. In addition, our rollover IRAs are easy to implement and simple to maintain.

What is the minimum investment amount?

For most accounts there is no minimum investment.

How do I transfer my account to SunTrust Investment Services?

Once your SunTrust Investment Services (STIS) account is established, your Financial Advisor will provide you with an automated customer account transfer form. You simply need to complete this form and attach a copy of your most recent account statement from the account you wish to transfer to STI. We will take care of the rest.

How do I contact SunTrust Investment Services?

To speak directly with a SunTrust Investment Services representative, call 844.206.8900. For customer service, call at 800.874.4770 option #3 or e-mail us using our secure Contact Us form.

Do I need to have a minimum account size to get help from SunTrust?

No. We are available to help every client, even those that are just starting out. To receive help from one of our advisors, call 844.206.8900.

Are there other options I should consider?

When it comes to rolling over savings from an employer-sponsored plan you have options. You can roll it over to an IRA. You could leave it with the employer or you could cash out. Before transferring your retirement assets to a SunTrust Investment Services IRA rollover be sure to consider investment options and services, fees and expenses, withdrawal options, required minimum distributions, and tax treatment of each option and how they align with your financial needs and retirement plans.

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