Transfering a Solo 401k - not a SEPIRA

D

dcwriter2

Ok, I have this Solo 401k at TOS and I was wondering if any brokers out there are offering a promotion to transfer it their wirehouse. Not interested at the moment in converting to an IRA.
 
dcwriter2 said:
Ok, I have this Solo 401k at TOS and I was wondering if any brokers out there are offering a promotion to transfer it their wirehouse. Not interested at the moment in converting to an IRA.
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All of your 401k provisions are controlled by your employer's plan. Unless your plan document has provided for it, you can't do it.
 
Scataphagos said:
All of your 401k provisions are controlled by your employer's plan. Unless your plan document has provided for it, you can't do it.
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Scat clearly has no idea what a Solo 401K plan is. LOL.
However he is correct in that, in simple terms, transferring an existing Solo 401K WITH HOLDINGS other than cash to a new provider is not something you can do. If there are NO holdings beyond cash, the new plan paperwork is all that you need to transfer over. The plan providers can confirm requirements.
 
dcwriter2 said:
Ok, I have this Solo 401k at TOS and I was wondering if any brokers out there are offering a promotion to transfer it their wirehouse. Not interested at the moment in converting to an IRA.
More...

Fidelity is probably the best Solo 401K provider. You can just move to Fidelity and re-create the new plan. Then you can do most of the stuff. Not many brokers offer Solo 401k accounts....
 
dcwriter2 said:
Anyone offer bonuses for transferring a plan, or is that just a regular brokerage/checking/savings thing?
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A side note if i may.
Work this from the Target side of the move.
You do Not want a check showing up in your mailbox.

The Target will "Pull the funds to them" .
Their goal is Your goal.

If you Push the funds out of your Jilted Girlfriend's clutches, well, let me just say that the IRS is staffed with phone people who do not have accuracy and returning your calls forefront in their minds. Getting a Phone Contact Transaction ID for a conversation with one of the minions used to get a reply like, 'Oh, I'm Sherry, just ask for Sherry', lol. This after waiting on hold, getting disconnected just to get Sherry on the horn to explain that the check was deposited three days after receipt in mailbox, which was completely an unintended event that Rydex thought might be kinda fun. It ain't, lol. Time consuming and a dozen long phone sessions to resolve. Records out the wazoo. The IRS is not motivated to let one off the hook.

I'd rather have the Mob on my case than our friends at the IRS, god bless their hearts.

Hear me now and belee me later. Pull the funds through the Target custodian, they will line up the other crap at the Source custo.

I'm done, Have fun.
 
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