Rolling over 401k from 1 company to another?

Question

I feel realy stupid asking this, but here goes.....how does one go about rolling over their 401k from the old company "a" to current employer company "b"?

Isn't there also some sort of thing that must be done to avoid payint taxes and penalties? HELP!
Thank you!!!

Answer 1

Your new company should have a form for you to send to your old company. The money is trasferred directly to your new company and you do not pay taxes or penalties.

Answer 2

You should talk to the company B and tell them that you have a roll over from A company. The retirement company from A should transfer everything to B company,

If they share the same 401k plan, then all you should have to do is contact that plan and tell them the situation. They could move it from one employer to another.

Or at least that is to my understanding what needs to be done.

Answer 3

assuming your new company's plan accepts rollovers, a direct rollover can be done without any tax consequence at all. however, you should review the investment options available and compare them with what you can get in a rollover ira. the advantage to rolling into your 401k is that you can have access to your $ via a 401k loan should you need it. other than that, you might be happier with a separate ira account.

Answer 4

It's very simple. Just contact the place that has it, tell them you want to roll it over and give them the info from the new place.

As long as the money goes directly into the new 401(k) there's no tax consequence.

Answer 5

I am a financial advisor...feel free to ask me off line and i may be able to help. I have 13 years experience including 5 managing money on an institutional level.

Answer 6

you are able to rollover your 401K every time once you leave the employer right into a rollover IRA. yet while the 401K fund provides sufficient investment selections, do no longer hassle and save it there.