Usually when you retire or otherwise end your employment, you transfer your retirement account(s) to one or more IRA accounts at a qualified institution. Here are some special situations that come up with retirement accounts.
Please note: transfer, rollover, and move all refer to moving your account directly to another custodian/trustee so that you preserve the tax status of the account.
Small businesses can establish SIMPLE IRA retirement plans. They are similar to 401k with but with simplified recordkeeping and regulatory requirements. The SIMPLE IRA setup in your name is your individual account. If the SIMPLE account is less than 2 years old it only go into another simple IRA account. After two years you can move it into another rollover IRA account or company sponsored retirement plan.
DRAC accounts are a recent development. Many 401k, 403b, and 457 plans now allow you the option of designating your elective deferrals (money out of your income) as Roth contributions. Rather than the typical “pre-tax” thse are “after-tax” dollars. It’s important for tax reasons to preserve the tax treatment of the deferrals when your employment ends. Roth Contributions made inside a 401k/403b/457 account can come out–that is transfer/rollover to a Roth IRA account setup at a qualified custodian.
Additionally, Designated Roth contributions can be rolled over into another Designated Roth account at your new employer. Roth IRAs can only go into another Roth IRA. You can’t put Roth IRA contributions into a DRAC.
These plans include all defined benefit pension, pre-tax 401k, pre-tax 403b, pre-tax 457, profit-sharing, money purchase, lump-sum distributions, along with traditional IRA and SEP-IRA accounts. Generally this “pre-tax” money can move among each of these plans without IRS restrictions.
But… beware of the underlying investments. And this applies to any type of retirement account. For example a client with the TIAA-CREF, But is restricted on how they can take money out of this account. This is likely true in cases where the investment is an annuity or retirement annuity contract. The IRS has a handy chart that you can reference to see just what account can go where.