What do I do with this pension?

[Food Lady]

I've already emailed T Rowe because they have my current job's 401(K) and I might roll my old job's account into that. I haven't decided on that yet.

However, I apparently also have a pension plan with that old job. It looks like I either have to take a lump sum or roll it into an IRA. I don't know if leaving it alone is even an option. It has less than $5,000 so tax on a lump sum would be under $500.
I guess one option would be to roll it and the 401(K) into an IRA. Any benefits to that? I also have another 401(K) out there somewhere from House of Shoes. I have to track that one down. Maybe I could throw that in there, too. Can anyone give me some clarity/direction? The 401(K)s are less a concern to me right now than the pension, as it looks like that needs to be put somewhere.
I think. ¯\_(ツ)_/¯

[csquared]

When ever I left a job, I have rolled the 401K into an IRA. Personally, I feel that it gives me better control of them. I would be afraid of fees eating it up.

If you do a straight roll over to an IRA, you will protect your tax status. i.e. Transfer from one to the other. If you take possession of the money, you will pay taxes.

Give Tax Guy Karl a PM.

[taxguykarl]

In general: Directly rolling from one tax-deferred to another generates no taxable income (e.g. pension or 401k into a traditional IRA) . If that is a Roth 401K, then you can roll that into a Roth IRA.

The gross pension and 401k distribution will be reported on Form 1040, line 16a. The taxable amount ($0.00) on line 16b in the case of a rollover.

PM me with more detailed queries.