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401(k) Rollovers

INVEST

You can transfer your previous employer's Traditional 401(k) (or Roth 401(k)) funds into a Traditional IRA (or Roth IRA) managed by MYRA. 

Important: Please ensure that you transfer Traditional 401(k) to Traditional IRA and Roth 401K to Roth IRA.

Note: This "Direct Rollover" request may be initiated by calling each of the 401(k) providers.

Here's the suggested process:

  • Call your 401(k) Custodian (e.g. Fidelity, Vanguard, TRowe Price, Empower, Merrill Lynch)
  • Request a "Direct Rollover" (non-taxable) from your Employer's Trad 401K into a Schwab Trad / Rollover IRA (or Roth IRA).
  • The Rollover Check should be Payable To: "Charles Schwab & Co., Inc." and Memo Line:  "FBO: Your Name, Trad (or Roth) IRA Acct # xxx", where FBO means "For Benefit Of".
  • Rollover Check should be mailed to: (i) Overnight Delivery (preferred): Charles Schwab & Co., Inc. 200 S 108th Ave Omaha, NE 68154.
  • If the 401(k) Custodian send you the check, then either (i) Overnight Mail to Schwab, or (ii) Visit a Schwab Branch and deposit the check.

Schwab Branch Locator: https://www.schwab.com/branches

Note: Rollover checks are NOT eligible for mobile deposit using the "Schwab Mobile" App. 

Please note: Similar process may apply to your employer-sponsored 403(b) or 457 plan. 

Disclaimer: When deciding whether to roll over a 401(k) account or another retirement account, you should carefully consider your personal situation and preferences. Relevant factors may include that: (i) 401(k) accounts may offer greater protection from creditors than IRAs. (ii) In some cases, the ability to take penalty-free distributions at an earlier age or to defer minimum required distributions. (iii) Some 401(k) accounts may also allow for loans or distributions in a broader set of circumstances than IRAs. (iv) Some 401(k) plans may also offer specific educational and advisory services to participants that are unavailable to some IRAs. (v) Some 401(k) plans may have lower fees and expenses than some IRAs. (vi) Some IRAs may offer a broader range of investment options that some 401(k) plans. (vii) Special tax rules may apply to the rollover of employer securities. You should research the details of your 401(k) and speak to a tax and other advisors about whether the features of your 401(k) are relevant to your personal situation.