UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: pikapp383 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75377  
Subject: 401k to IRA procedures Date: 8/11/1999 10:19 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Hello all,

I am currently helping my girlfriend transfer her 401k to an IRA and I ran into some unexpected problems at Waterhouse this morning.

It was my understanding that she needed to just fill out the forms at Waterhouse and they would contact the previous custodian and arrange all the paperwork. Also, she wanted to transfer shares of a mutual fund directly over to Waterhouse (it is one of the funds in their No Transaction Fee group).

I was told that she would have to contact the plan administrator directly and fill out some paperwork there and that then the administrator would liquidate the assets in the plan and send a check directly to Waterhouse.

While I was happy that we would not have to ferry the check from her previous employer to Waterhouse because that would ensure that there would be no withholding or 10% penalty, I was unhappy that we would have to talk to the plan administrator. The whole point of transferring was to get her money away from them because they have been a royal jerk to her, and they are ssssslllllooooooowwwwwwwwww.

When I moved my Roth from American Century to ETrade, I just filled out the forms at ETrade and they took care of the whole mess for me.

So, I guess my questions are, is it true that we HAVE to deal with the plan administrator to transfer the funds? Also, is it possible to transfer the shares of the fund directly without converting to cash at any time?

Thanks for reading all of this,
pikapp383
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Macro Economics

The Future, or What's Left of It
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement