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Navigating the Rollover of an Employer Plan into an IRA

By Blake Skadron, President at iTrustCapitalFebruary 03, 20202 minutes read
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Below are instructions for rolling over an employer plan (401k, 403b, TSP, 457) into an iTrustCapital IRA.

Step 1: Open An iTrustCapital Account. 

This usually will take around 10-15 minutes, including going through our compliance checks, putting your beneficiaries on file and confirming information from your current IRA provider.

Step 2: Digital Signature.

After you complete the full setup, our team will review your new account and send you a Digital Document within 1-3 business days. This will arrive by email and you simply must sign it digitally, no hassles!

Step 3Funding Instructions.

Our processing team will prepare your Funding Instructions, which will be emailed to you within an additional 1-3 business days. You will be required to carefully read through the instructions and follow them step by step. They will require you to reach out to your employer plan and initiate the rollover, everything you need will be included in the funding instructions email.

Step 4: Funding Sent. 

After you speak with your employer plan, you will find that they will perform one of the following 3 options.

  1. They will send the funds via Bank Wire Transfer to iTrust Custodial Services.

  2. They will send a Physical Check to iTrust Custodial Services.

  3. They will send a Physical Check to you, which you will forward to iTrust Custodial Services.

 

Please Note: You are may be able to perform partial rollover or a whole rollover. You can always call your employer plan and ask.

 

Still Employed?

The challenge is when you are still at the job where your plan resides. It is less likely you will be able to do a rollover until you leave the job, but there are exceptions.

You may qualify for what is known as an In-Service Rollover. An In-Service Rollover means you can roll some or, in rare circumstances, all of your current accounts into an IRA even though you still are employed by the company.

General In-Service Rollover requirements

  1. You are over the age of 59 ½. 

  2. You are fully vested with the company. (Typically 6-8 yrs employed)

One more way

  1. If you rolled funds from a past employer plan into your current employer plan, you will likely be able to roll the same amount to an IRA at any time. The age and vesting requirements don’t apply in this case.

If there are further questions related to your employer plan, it is best practice to contact your plan administrator to find out if you qualify for an In-Service Rollover. They will be able to provide answers and support specific to your plan. 

 

Still have questions? Read our FAQ or schedule a call here.

 

This content is made available for informational purposes only.  iTrust Capital, Inc. does not make any representations or warranties as to and is not responsible for the accuracy, applicability, reliability, fitness, suitability, or completeness of the content.  

The content does not constitute legal, tax, or investment advice in any way.  We recommend seeking the advice of a qualified legal, investment, or tax professional.    

iTrust Capital disclaims any and all liability to any party for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of the content, which is provided as is, without warranties.

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