Hello, next month I will turn 59 1/2 and wish to do an in-service rollover of all my current 401k and Roth 401k funds from my employer's plan into new Rollover IRA and Rollover Roth IRA Vanguard accounts.
I have already called my company's plan administrator and determined that in-service rollovers are permitted. They have instructed me that I am to call back on or after the date I turn 59 1/2 to initiate the process. They didn't have a lot of info regarding what is needed. But I assume I will ask for two checks one for the 401k balance and one for the Roth 401k balance.
I am doing this to save substantially on fees and to have access to all of Vanguards funds.
I am aware of some questions regarding loss of the special protections a 401k gives from creditors over an IRA should unfortunate circumstances arise. However, the research I've done indicates that the courts have consistently upheld that a rollover IRA has the same protections that are provided by the 401k wrt creditors. But I didn't find anything "official" regarding this.
Have any of you had experience with this?
My general questions are (I've asked Vanguard but recent experience getting answers has not been good):
1. How should the checks be specified in the Pay To and to what address would they be sent?
2. What info from the plan administrator needs to accompany the checks?
3. What do I need to do wrt Vanguard to prepare for this transfer prior to initiating it and how do I notify Vanguard that this transaction is coming?
4. How long will this process take (approximately)?
Thank you,
Pat
I have already called my company's plan administrator and determined that in-service rollovers are permitted. They have instructed me that I am to call back on or after the date I turn 59 1/2 to initiate the process. They didn't have a lot of info regarding what is needed. But I assume I will ask for two checks one for the 401k balance and one for the Roth 401k balance.
I am doing this to save substantially on fees and to have access to all of Vanguards funds.
I am aware of some questions regarding loss of the special protections a 401k gives from creditors over an IRA should unfortunate circumstances arise. However, the research I've done indicates that the courts have consistently upheld that a rollover IRA has the same protections that are provided by the 401k wrt creditors. But I didn't find anything "official" regarding this.
Have any of you had experience with this?
My general questions are (I've asked Vanguard but recent experience getting answers has not been good):
1. How should the checks be specified in the Pay To and to what address would they be sent?
2. What info from the plan administrator needs to accompany the checks?
3. What do I need to do wrt Vanguard to prepare for this transfer prior to initiating it and how do I notify Vanguard that this transaction is coming?
4. How long will this process take (approximately)?
Thank you,
Pat
Statistics: Posted by pjtallman — Tue Apr 16, 2024 12:08 pm — Replies 1 — Views 146