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Posted by Augustine on June 23, 2009, 3:59 pm
When I changed jobs a couple of years ago, I rolled over my 401k to
the new company because it had better choices. However, with the
market slump, those choices are not that interesting anymore, so I'd
rather have rolled over into a personal Rollover IRA.
What are my alternatives now? Is it possible to undo a rollover of
that monies, since I noticed that it's tracked by the administrator,
or is an in-service rollover permission needed instead?
TIA
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Posted by Gene E. Utterback, EA, RFC, AB on June 23, 2009, 4:18 pm
> When I changed jobs a couple of years ago, I rolled over my 401k to
> the new company because it had better choices. However, with the
> market slump, those choices are not that interesting anymore, so I'd
> rather have rolled over into a personal Rollover IRA.
>
> What are my alternatives now? Is it possible to undo a rollover of
> that monies, since I noticed that it's tracked by the administrator,
> or is an in-service rollover permission needed instead?
>
> TIA
>
Very few companies allow in-service withdrawals or rollovers, but there are
a few. You'd need to check with your pension administrator to see if they
are available to you - just don't get your hopes up.
This is one of the reasons many advisors usually recommend rollovers to
private IRAs instead of into new company plans.
Good luck,
Gene E. Utterback, EA, RFC, ABA
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Posted by Igor Chudov on June 23, 2009, 4:55 pm
> Very few companies allow in-service withdrawals or rollovers, but there are
> a few. You'd need to check with your pension administrator to see if they
> are available to you - just don't get your hopes up.
>
> This is one of the reasons many advisors usually recommend rollovers to
> private IRAs instead of into new company plans.
Gene, are you saying that in-service rollover of a 401k -> IRA is
possible at all? If so, I will try to inquire how to move my 401k into
an IRA with better fees or managers.
i
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Posted by Default User on June 23, 2009, 5:27 pm
Igor Chudov wrote:
> wrote:
> > Very few companies allow in-service withdrawals or rollovers, but
> > there are a few. You'd need to check with your pension
> > administrator to see if they are available to you - just don't get
> > your hopes up.
> >
> > This is one of the reasons many advisors usually recommend
> > rollovers to private IRAs instead of into new company plans.
>
> Gene, are you saying that in-service rollover of a 401k -> IRA is
> possible at all? If so, I will try to inquire how to move my 401k into
> an IRA with better fees or managers.
It is. My company allows in-service rollovers of after-tax
contributions, company match (although that freezes matching for like
six months), or rollover contributions.
Consult your plan documents or contact the adminstrators to find out if
they allow it.
Brian
--
Day 141 of the "no grouchy usenet posts" project
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Posted by Gene E. Utterback, EA, RFC, AB on June 24, 2009, 1:50 pm
> wrote:
snipped
> Gene, are you saying that in-service rollover of a 401k -> IRA is
> possible at all? If so, I will try to inquire how to move my 401k into
> an IRA with better fees or managers.
>
Absolutely - Assuming you work for a company that allows it. BUT there are
very few companies that allow it and the ones that do often have other
limitations. Some will only allow you rollover after tax contributions,
some allow a limited amount of deferred money to also be moved, this may be
expressed as either a dollar or percentage limit. The only way you'll know
if your company allows it is to ask them - AND DON'T stop with the
administrator at your company if you get a NO answer. Normally the
administrator is nothing more than liaison between the company and the PLAN
Administrator.
I actually have a list of 138 companies that allow in-service withdrawals.
I've met with several clients who were unhappy with how their 401(k) plan
was performing and they wanted to move their money to their own 401(k)s.
Their company HR people said it could not be done BUT when they pushed to
get the plan document and/or actually speak to the plan administrator or the
TPA they found that I was right and they were able to move some portion of
their 401(k) money to their personal IRAs.
I have yet to find a company that will allow you to move ALL of the money,
but some is better than none.
And, NO - I will not provide or post that list of companies. However, if
you tell us who you work for I will tell you if that company is on the list.
I also have to add that I'm certain that the list I have is NOT all
inclusive - meaning that I'm sure that there are other companies that allow
in-service withdrawals, just I'd be willing to bet that a few of the
companies on my list may no longer be around (the economy has shaken loose a
few).
Good luck,
Gene E. Utterback, EA, RFC, ABA
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