I'm in my early/mid 40s, so I imagine I would have to terminate the plan. There's no option to transfer in as an IRA and then roll it into an amended or restated version of the original Ascensus i401k, correct? I do my contributions once at the end of the year so I guess the alternative would be to contribute soon, then roll it into an IRA, then transfer to the new brokerage, then roll that into a new i401k at the end of next year after the 12 months. Seems way too complicated!If you are over 59.5, then rolling to an IRA is not a problem. I recall some did this while the assets were still in the Plan at Vanguard. If not 59.5, then the most common reason that the assets could be rolled into an IRA is that the Plan was terminated.I had an interesting wrinkle come up as I was shopping for a new i401k custodian and asking about bonuses. One brokerage told me there were no bonuses for transferring an i401k but if I converted it to an IRA and then transferred it, I would be eligible for the bonuses. He made it sound very easy, since their i401k plan allows rollovers. He suggested I convert it to an IRA at Ascensus, then transfer it to them, then roll it into my new i401k. Is this possible? My first thought was that this would actually be extremely complicated, and that I might run afoul of the rule that you can't establish a new i401k until 12 months after you close your old one. Mostly out of curiosity, is it possible to do the transfer in to the new brokerage as an IRA then roll it into an i401k that would be a restatement or amendment of the original Ascensus plan? Any insights much appreciated!
Also, does anyone know when Ascensus charges their fees? A phone rep said at the end of the year so I was imagining I'll need to get away from Ascensus by December or so to avoid the fee.
Statistics: Posted by tack0434 — Thu Sep 19, 2024 10:58 pm