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Am I required to transfer my entire account?

No. You are not required to transfer your entire account, you may transfer a portion.


Can I transfer funds from another trustee or custodian?

Yes, if you’d like to move your IRA from a different custodian or rollover an account from a previous employer, you can do so. Please speak to your current plan administrator for more information.


Do transferred funds have to go into the same type of IRA account?

While in general you are not required to transfer funds into the same type of account, there are different options depending on the type of account you are transferring from. Note you will use the Transfer Authorization Form for all of the following transfer types:

  • Funds from a Traditional account can be transferred to an existing or new Traditional or SEP account or a SIMPLE IRA that has been in place for more than two years.
  • Funds from a Roth account must be transferred into an existing or new Roth account, and cannot be transferred into any other type of account.
  • Funds from a SIMPLE account can only be transferred into a SIMPLE IRA, or a Traditional account that has been in existence for more than two years prior to the transfer.
  • Funds from a SEP account can be transferred into a SEP IRA, a Traditional IRA, or into a SIMPLE IRA that has been in existence for more than two years prior to the transfer.


What does it mean to transfer assets in-kind?

When you transfer assets to us in-kind, it means there is no buying or selling of your existing asset involved. There is simply a transfer of custodial responsibilities for the account. If you are interested in transferring assets in-kind to your IRA Services account, please contact us for assistance.


What is an IRA transfer?

An IRA transfer is the movement of funds from an IRA into another type of retirement or bank account. There are two types of IRA transfers: direct transfers and indirect transfers. A direct transfer is the process of moving the assets (which may include stocks and mutual funds, for example) into a different account without liquidating them. An indirect transfer requires that the assets in the existing IRA account be liquidated, with cash generated from the liquidation being used to open a new IRA account.


What is the difference between a Transfer and a Rollover?

A transfer occurs when one IRA custodian requests funds from another IRA custodian on a client’s behalf, without the client taking possession of the funds. Transfers can only be done between “like” plans (IRA-to-IRA, or 401K-to-401K). Generally, the receiving IRA custodian sends a transfer request to the delivering IRA custodian, which provides proof of the client’s request to move funds from one IRA to another IRA. Transfers are not reported to the IRS, and there is no limit to the number of transfers allowed by a Retirement Plan participant.

A rollover occurs when a Retirement Plan participant takes a distribution from their existing Retirement Plan, such as their IRA or 401K, and deposits the funds back into the same or another Retirement Plan within 60 days. To move a 401K to an IRA requires a rollover. The delivering IRA custodian will send funds via check or wire directly to the IRA custodian. A rollover is a reportable event but not necessarily a taxable event. As long as the distributed funds are deposited back into a Retirement Plan within 60 calendar days, the funds will not be taxed and owner will not be penalized. The IRS limits Retirement Plan participants to one (1) IRA-to-IRA rollover transaction within a 12 month period. However, the IRS has not placed a limit on 401K-to-IRA rollover transactions at this time. Please seek advice from your tax preparer if you have additional questions.


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