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Old 08-30-2018, 04:27 PM   #1
tpack
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I had an investment brokerage person (Edward D Jones) that had been wanting me to move some of my future retirement money to his business. I finally decided to move a 401k from a previous employer 5 business days ago and have not heard anything from them since. How long should it take for them to get it transferred.
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Old 08-30-2018, 04:31 PM   #2
Traildust
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I had to fill out some distribution forms, they mailed me the check, I had to send forms and the check to Fidelity. Process took a couple weeks before I saw the funds in my account.
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Old 08-30-2018, 04:41 PM   #3
TXHUNT3R
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Quote:
Originally Posted by Traildust View Post
I had to fill out some distribution forms, they mailed me the check, I had to send forms and the check to Fidelity. Process took a couple weeks before I saw the funds in my account.
This, make sure to mail the check and stub to the new place that will hold yo monies.
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Old 08-30-2018, 04:53 PM   #4
jaspermac
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Are you moving 401k to cash or transferring in kind?
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Old 08-30-2018, 05:08 PM   #5
Triple 7
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It can take a few weeks for your 401k company to get the check to you or Edward Jones depending on how you sent it up.
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Old 08-30-2018, 06:44 PM   #6
Shane
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It is all up to the 401k company that has your money now. Some are more prompt in processing rollovers than others. The best thing you can do is to call the 401k company 2 or 3 days after you sent them the rollover forms to make sure they have your rollover instructions and are processing it. Then call them once a week to ask about the status of your rollover. Be politely persistent in checking on it to make sure they don't drop your forms behind a desk or something. They'll get it processed and sent out. Most of them will have it on the way to you or your advisor's office in a week or so. But I've seen some take weeks to get it done, especially if you don't call to check the status. Most of the time they won't talk to your advisor about the status. They usually will only speak to their 401k account owner.
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Old 08-30-2018, 07:52 PM   #7
tpack
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Originally Posted by jaspermac View Post
Are you moving 401k to cash or transferring in kind?
I am putting it in an IRA.
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Old 08-30-2018, 08:28 PM   #8
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Just a heads up but you will have a tax form to file for 2018 yr income tax. Of course you will owe “0” tax dollars. Why they require you file just to show you transferred via direct rollover beats me? You’ll need to have the payer institution information in terms of name & address so make a copy of that stub before sending off
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Old 08-30-2018, 08:59 PM   #9
kornsqueezer
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I did a transfer about 3 years ago. Transaction took around 3 working days from time I sent in paper work .
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Old 08-30-2018, 10:21 PM   #10
jaspermac
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Quote:
Originally Posted by tpack View Post
I am putting it in an IRA.
I understand that part. You probably have mutual funds in your 401k. If you sell them in your 401k, they will be held as cash. If ed Jones will hold them in kind, you can just transfer them. The advisor will probably not do that because they want to make money off of you so they want you to buy funds under their watch.

My point was, If you are selling funds in the 401k, it will take time to settle and transfer. An ACAT transfer doesn’t take time at all
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