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I'm now a member/manager of a LLC and want to roll my 401k from a former employer into a self-employed 401k. Advice on "how to" and "where to" would be greatly appreciated. thx
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I'm now a member/manager of a LLC and want to roll my 401k from a former employer into a self-employed 401k. Advice on "how to" and "where to" would be greatly appreciated. thx

First, research and decide which 401k provider you want to use.

A good place to start is with the following list of providers:

http://www.401khelpcenter.com/solok_vendors.html

Once you decide on a provider, you'll fill out some forms to set up your 401K account.

After the 401K account is set up, contact your former 401K provider or admin to obtain a distribution election package so you can have the $$$ rolled over to your new qualified 401K.

Sue
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I had this same situation about 6 years ago. I requested that the administrator of the 401(k) mail the check to MSDW with whom I had begun a SEP-IRA. However, they mailed the check to me instead. Within one week the check had been deposited into the SEP-IRA, so everything was honkey-dorey.

Donna
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To save you a lot of aggravation, I just went through the search for my wife's sole proprietorship, and Fidelity was the only one I found that didn't want big fees up front. I just set the account up, and they made it pretty easy, with good support over the phone.
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To save you a lot of aggravation, I just went through the search for my wife's sole proprietorship, and Fidelity was the only one I found that didn't want big fees up front. I just set the account up, and they made it pretty easy, with good support over the phone.


There's no fee, but there's also no loan option.

Sue
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There's no fee, but there's also no loan option.

Sue
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To be honest, I hadn't noticed that. However, given the lack of attractiveness of taking a loan from a 401k, it wouldn't have stopped me from going to Fido. Do you really care that much about the loan provision?
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To be honest, I hadn't noticed that. However, given the lack of attractiveness of taking a loan from a 401k, it wouldn't have stopped me from going to Fido.

The lack of attractiveness of EVER taking a 401K loan is your opinion and a few others that hang out here.

Do you really care that much about the loan provision?

For me, no, but it may make a difference to some people.

For the record, I've had two 401k loans and it made no significant difference in my 401K account or affect when I'll be able to retire, but the loans were a very small percentage of my total account, but the enjoyment I received from having the loan money did make a difference in my life.

Sue






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The lack of attractiveness of EVER taking a 401K loan is your opinion and a few others that hang out here.

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Hey, different strokes, baby. Given how loose lending standards are, it seems like there are lots of far more attractive sources of funds, but if you want to sign up for one of those new 401k credit cards, be y guest.
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