Anyone know how to rollover a 401(k)??

DanaReevesLungs

I can keep rhythm with no metronome...
Donator
Jun 9, 2005
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#1
Wih my upcoming divorce and change of employment, I want to make sure I'm not penalized when rolling my 401(k) over to another company. Does anyone know what needs to be done to have this go through successfully without being penalized profusciously?
 
Feb 20, 2006
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#2
Contact Fidelity or Vangard and tell them you want to set up a rollover IRA. They will help you create your new account and also send you the filled out forms to take to your plan administrator to initiate the rollover.

Good luck.
 

BCH

Doesn't need your acknowledgement on Twitter
Wackbag Staff
Jun 9, 2005
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#3
Yeah, those banker types really know their stuff. I'd just let them do it.
 

Mule Spanker

I like to smack my junk around like it owes me $$$
Jul 31, 2006
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#4
You've got to be careful. Your getting divorced, its more complicated than just calling Fidelity/Vanguard/whomever. Believe it or not Bro - she is "entitled" to half of your 401(k). I shit you not.
 

ymBox

Registered User
Apr 30, 2005
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#5
No penalty if you put it into another qualified plan within 60 days. You can even do an Ameritrade or Etrade account online and set up a Rollover.

If the divorce is pending, you don't owe her a thing until the final settlement is determined. So take care of your finances first and if she gets some later - deal with it then. That distribution should be required to go into a Rollover in her name, and if she cashes it out, she will be penalized - not you.

I have a microphone, which makes me an expert. (just sayin)
 

DanaReevesLungs

I can keep rhythm with no metronome...
Donator
Jun 9, 2005
9,134
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681
Louisiana
#6
No penalty if you put it into another qualified plan within 60 days. You can even do an Ameritrade or Etrade account online and set up a Rollover.

If the divorce is pending, you don't owe her a thing until the final settlement is determined. So take care of your finances first and if she gets some later - deal with it then. That distribution should be required to go into a Rollover in her name, and if she cashes it out, she will be penalized - not you.

I have a microphone, which makes me an expert. (just sayin)
Did you stay at a Holiday Inn Express too?

I know she's entitled to half of my shit and this is all I have in my name alone. It sucks, but I'm willing to part with half right now. She hasn't been a cunt so she deserves it. I know she wouldn't take me for more than what she's rightfully entitled to. She doesn't want alimony. She may not even take half of my 401(k).
 
Aug 27, 2002
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Bensalem, PA via Souf Philly
#7
Contact Fidelity or Vangard and tell them you want to set up a rollover IRA. They will help you create your new account and also send you the filled out forms to take to your plan administrator to initiate the rollover.

Good luck.
That is an option, but I think that he is looking to roll it from a former employer's 401k plan to his current employers plan, not turn it into a Rollover IRA.

You should talk to your HR person at your new company. They may redirect you to the plan's administrator. Basically, there are a couple forms that you'll need to sign and submit to your the old 401k plan's administrator for them to process. Then they'll cut a check, probably to the administrator of the new plan and deposit your cash into the account. You might also need something called a "letter of qualification" from the old plan. Basically it's a letter that states that the funds were issued from a qualified plan that meets IRS regs and that your cash won't "taint" their plan.
 

generoso

Blueberry Coffee diva.
Aug 5, 2004
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#8
I went thru this a while back...When I moved from one company to another. And I just let my current employer deal with all the rollover paperwork. I contacted my former employers Bankers with my current one.Signed some shit and it went like gravy...
 

duGandfriends

New (old) Wackbagger
Jun 16, 2006
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#9
No penalty if you put it into another qualified plan within 60 days.
That is, if you take a "distribution." Otherwise you can let it sit and rot for as long as you need.

If the divorce is pending, you don't owe her a thing until the final settlement is determined. So take care of your finances first and if she gets some later - deal with it then.
Your 401(k) will come up in the proceedings, don't hide it.
That distribution should be required to go into a Rollover in her name, and if she cashes it out, she will be penalized - not you.
This is the biggest mistake people make. She MUST take any cash she's awarded as a distribution. (Even if it's to another qualified plan). Let her deal with the rollover if she's savy enough. Make sure you ask for QDRO ("quad-row") paperwork when it's time to pay the cunt.

Best part is (with the QDRO) if she fucks it up, she will have to pay taxes. It's totally not your problem.

-PM me if you have specific questions-- There's some very astute wackbaggers giving you decent advice here but I will get into the nuts and bolts for you.
 

Fruit Monkey

Don't stare at it eat it! P-1 In trainning
Oct 4, 2004
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#10
u are getting divorced? cash out and order a younger bride, yup thats my advice.
 

augiep38

Registered User
Aug 9, 2005
169
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#11
You've got to be careful. Your getting divorced, its more complicated than just calling Fidelity/Vanguard/whomever. Believe it or not Bro - she is "entitled" to half of your 401(k). I shit you not.

There is no way in hell that some bitch would get half of my retirement funds - i don't care what the law says. Thats what rivers and wood chippers are for.

For the life of me, I don't understand rolling it into the new employers 401k plan - investment options are usually limited.
 

bethm1b

person of interest
Dec 1, 2006
2,606
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Just past the line.
#12
There are people who specifically deal with things like this, they're called Jews. Dr. Katz isn't even an accountant and he's got us pretty much set for life at 44.
 

duGandfriends

New (old) Wackbagger
Jun 16, 2006
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#13
For the life of me, I don't understand rolling it into the new employers 401k plan - investment options are usually limited.
You don't have to. You can leave your $ all over as you change careers twice and go senile, forgetting that you had $ only to have your family spend it on diapers for you.