Rollover FAQs Rollover FAQs

Rollover FAQs

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It's now time to fund your IRA account!

The instructions we emailed you can be used to initiate the Rollover with your current financial institution. Rollovers typically take 5-15 business days, but can sometimes take 3-4 weeks to complete depending on the current institution. You can shorten the time frame by being proactive and making sure your current financial institution stays on top of rolling over the funds as soon as possible. 

Your current financial institution will most likely roll over the funds in a form of a check using the instructions we provide, and will either send the check to you to forward to our Qualified Custodian, or they will send the check directly to our Qualified Custodian. It's rare that an institution will send a wire for a Qualified Plan Rollover, but it doesn't hurt to ask them!

You may also find the instructions in your online Dashboard, by clicking on the relevant IRA first and selecting the Funding Instructions tab.

Please proceed by reaching out to your current financial institution to initiate the Rollover to your IRA here. Some of the most common institutions, and their respective contact information, can be found below:

Custodian Name Phone Number
Fidelity (800) 835-5097
Vanguard (800) 523-1188
Charles Schwab (800) 724-7526
ADP (800) 695-7526
Nationwide Retirement Services (877) 677-3678
Principal (800) 547-7754
Empower Retirement (855) 756-4738
Transamerica (800) 755-5801
John Hancock (800) 294-3575
Voya Financial (800) 584-6001
Prudential Financial (877) 778-2100
Thrift Savings Plan (TSP) (877) 968-3778
TIAA Financial Services (800) 842-2252
Paychex Flex (800) 741-6277
Paychex Oasis (800) 822-8704
Merrill Lynch (888) 637-3343
TD Ameritrade (800) 454-9272
T. Rowe Price (800) 922-9945
Wells Fargo (877) 493-4727
Mass Mutual (800) 775-4331

What is a Rollover?

A Rollover is a movement of funds from an Employer-Sponsored Retirement Plan (401(k), Roth 401(k), 403(b), 457(b), etc.) to an Individual Retirement Account or "IRA". There may be restrictions when an Employer-Sponsored Plan can be rolled over. It may vary depending on the plan, but generally, one must reach the age of 59 1/2 or no longer be employed by one's previous employer. Please confirm with your plan administrator about how to proceed.

Does my "Rollover IRA" at my current financial institution qualify for a Rollover?

Ironically, a "Rollover IRA" at another financial institution does not qualify as a Rollover. Because it's already an IRA and has therefore already been "rolled over," a Rollover IRA qualifies for an IRA Transfer. If this is the case for you, please select "Add Funds" from your dashboard and follow the prompts for an IRA Transfer if you wish to proceed. 

Does my Rollover count as a taxable event?

Typically, rollovers between qualified accounts are not considered taxable events. The same goes for transfers between IRAs. However, please note that this does not apply in the event of a conversion from a traditional IRA to a Roth IRA. It's crucial to consult with a tax professional or financial advisor to understand the specific rules and implications related to your individual circumstances.

How do I start my Rollover process?

To initiate a Rollover on your iTrustCapital dashboard, please click here to view a walkthrough of the procedures. It is highly recommended to reach out to your financial institution soon as possible, after creating a Rollover request on the iTrustCapital platform, to get the process started.

What if my current financial institution is unable to include all of the funding information on the check?

If your current financial institution is unable to include your account number or any other critical information in the Memo section of the check, please feel free to include a post-it note or cover letter in the check envelope before sending it to Fortress Trust. Specifically, please make sure to include your Fortress Account ID, which is the "Checking Account Number" on your funding instructions.

How long will my Rollover take? 

The Rollover process can take up to 3-4 weeks. It is recommended to reach out to your previous plan administrator as soon as possible to initiate the Rollover. Please note that checks sent by your previous custodian via regular mail may take 5-15 business days to arrive and be processed.

Can I rollover a pre-taxed Employer-Sponsored Retirement Plan into a Roth IRA?

Yes, you may be eligible to roll over your pretax Employer Plan (401(k) 403(b), 457(b), etc.) into a Roth IRA. This is a Roth conversion, which may be a taxable event.*

For more information on Roth Conversions, click here. Please also click here for our Conversion FAQs

Is there a limit to how much I can Rollover?

There is no maximum limit to the amount you can rollover, but there is a required minimum amount of $1,000 that you must Rollover to open an account with us, and $500 if it's an additional deposit.

Is there a limit to how many times I can Rollover?

Here at iTrustCapital we do not limit how many Rollovers you can initiate, but it is recommended to reach out to your previous plan administrator to see if they have limitations on their Rollover process. As for 60-day Rollovers, the IRS implemented a one-per-year limit.

For more information, feel free to visit the IRS website.

What is a 60-day Rollover?

A 60-day Rollover is when a distribution is paid directly to you from your Employer-Sponsored Retirement Plan. You are required to move those funds into an IRA within 60 days, or you may receive a tax* penalty. You can request an extension or even waive your 60-day Rollover. 

For more information, please refer to the IRS website.

Can I Rollover my TSP plan?

Yes, you may be eligible to Rollover your Thrift Savings Plan to iTrustCapital. Please click here and follow the steps on how you can proceed with rolling over your TSP.

Can I Contribute Directly through my SIMPLE IRA?

We do not currently have an integration that allows clients to contribute directly through an Employer Participating IRA or sponsored plan.

Do I endorse a rollover check sent to me?

Do not endorse the rollover checks received. Mail the check as is to the address provided in our funding email or in the funding instructions (see above). 

Common Issues & Helpful Tips 

Rollover Tips:  

When contacting the plan administrator, here are some questions to ask:  

    1. What day is the check going to be sent? Or was sent?
    2. What method was the check sent?
    3. Can I pay to have it expedited if it has not been mailed yet?
    4. If so, what is the tracking number?
    5. If shipped by regular mail, the average time for delivery is 7-10 business days.
Common Issues:

When you reach out to initiate the Rollover with your new custodian, they may ask you to complete a rollover request form that they will provide to you. This will need to be filled out and sent back to your custodian indicating this is a direct rollover. To complete this form you will need the funding instructions we provided to properly fill out the new custodian section. These instructions will also include both bank wire instructions and check mailing instructions. For the vast majority, most previous employer plans will only mail physical checks and usually are sent to clients requesting the Rollover, not directly to iTrustCaptial. If not requested otherwise, custodians will send checks by standard mail with no tracking information which can take some time to be received. In the event that a check has first been sent to the client, please forward that check along to the mailing address indicated on the funding instructions. Rollovers are usually slower to fund than transfers or cash contributions and clients should be prepared for the process to take up to a month to complete. Please read our other article on Rollover FAQ's.

Clients often contact us to get an update on where their check is. Unfortunately, we have no way to assist unless the check was sent by priority mail with a tracking number.

Once we receive your rollover check, the funds will begin the 3 business day clearing process with our bank and our team will reach out to you indicating the release date.

 

For more information, please visit the IRS website regarding Rollovers.

** Some taxes and conditions may apply. iTrustCapital, Inc. does not provide legal, investment, or tax advice. We recommend seeking the advice of a qualified legal, investment, or tax professional.

 

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