If you’re currently employed and gearing up for retirement, you’re among the 55 million American workers who have a 401(k) retirement account. Plans like the 401(k) allow employers, employees, or both to regularly make tax-deferred contributions—and they offer some latitude as to how you want to invest those funds, too. A rollover is when you move funds from one eligible retirement plan to another, such as from a 401(k) to a Traditional IRA or Roth IRA. Rollover distributions are reported to the IRS and may be subject to federal income tax withholding.