Rolling over your 401(k) to an IRA

The Hartford Courant
June 27, 2004

What are the usual steps for making a rollover from a 401(k) plan to an IRA after shaking hands and leaving a job? They can vary among companies. But, generally, said Brian Lewbart, a spokesman for T. Rowe Price in Baltimore, you should:

Get two copies of a distribution form from the plan administrator of your 401(k).

Send one copy of the completed distribution form to the plan administrator; send the other copy to the mutual fund or brokerage house where you plan to keep your IRA.

Establish an account at your mutual fund/brokerage house; forward the new IRA account number to your 401(k) provider.

Enclose a copy of your most recent 401(k) statement with the paperwork submitted to open your IRA.

Some mutual fund companies make it easy. You can do most of this work over the telephone or online, Lewbart said. Yet, even when operating strictly by first-class mail, a 401(k)-to-IRA rollover should take no more than two or three weeks.

 

 

 

 


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