Source
r/personalfinance•
HubertFluff

401K Rollover check received in mail.

Retirement

I had a 401k from my previous employer. I filled out paperwork to have that amount rolled over into my then current employer's 403b. I quit that job and started a new job this past summer. I recently received the 401k check in the mail from the 403b saying they couldn't deposit the check. My current employer uses Illinois Municipal Retirement Fund. What are my best options for putting the old 401k and potentially the 403b amounts into a new account?

Posted Feb 7, 2018, 7:51 PM UTC

17
AutoModeratorMOD•

You may find these links helpful:

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

2
ExodusRamus•

Roll it over into a traditional IRA at vanguard.

2
rnelsonee•

Pick a broker and sign the check over to them as a Traditional IRA rollover. You have 60 days to do this before the check is considered a cashout, where you pay taxes + penalty and you can't put it into a Trad IRA after that.

2
HubertFluffOP•

Ha, the check was well over 60 days old before I received it from the 403b. It's my fault for being lazy and assuming everything was completed properly since I never heard otherwise. I haven't reached out to the original 401k company yet, but would they be able to cut another check or am I screwed for being lazy?

1
rnelsonee•

You're probably screwed, but it's probably worth it to ask.

2
DeluxeXL•

Waivers to the 60 days rule. Basically if you did everything correctly on your side but the receiving financial institution messed up, you get automatic extension.

2
HubertFluffOP•

Thank you for the information!

1