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.
Your current financial institution will most likely cut 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 under My Account, in the Funding Instructions (check/wire) section.
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:
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 speak with a 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.
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 starts with "72."
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.
Is there a limit to how much I can Rollover?
There is a required minimum of $1,000 that you must Rollover to open an account with us, and $500 if it's an additional deposit, but there is no maximum.
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.
** 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.