Rollover Certification Form
Use this form to rollover funds from a qualified plan to an IRA.
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FREQUENTLY ASKED QUESTIONS
How do I rollover funds from my previous qualified plan (i.e. 401k, 403b, 457, profit sharing plan, defined benefit plan, etc.) to my Vantage IRA?
Most plan administrators require the plan participant complete their proprietary IRA Rollover Form to provide instruction for the outgoing rollover request. Contact your former employer’s plan administrator, plan sponsor or benefits department to determine what, if any, special procedures may be required and how long they will take to process your rollover request. Qualified plans that permit participants to invest in alternative investments allow these plan assets to be rolled over “in-kind” into your Vantage IRA. In-kind means the assets you held in your previous qualified plan are rolled over as-is (i.e. without selling it) into your Vantage IRA. Incoming in-kind rollovers require your alternative asset be re-registered in the name of your Vantage IRA. Please note a re-registration fee of $125 will apply for each incoming in-kind alternative asset rollover. Your former employer can advise you about any in-kind rollover or transfer restrictions. If you are still employed, check with your current plan administrator to determine if self-direction is currently allowed within your plan or if this option can be added.
Are there fees associated with a rollover of cash to Vantage?
No, there are no Vantage fees associated with an incoming cash rollover. Please note your plan administrator/sponsor may have fees that apply for terminating an account, processing liquidation of assets and/or sending a wire.
How long does a rollover take?
We often see the rollover process range anywhere from seven to twenty-one business days. The former employer’s plan administrator and/or plan sponsor, not Vantage, controls the timing of the IRA rollover process. You will be notified by Vantage once your rollover funds have been received.
Can I rollover funds out of my current 401k plan to my Vantage IRA?
Only in the event your current plan documents has a provision for an “In-service distribution/withdrawal” within your plan is this permissible. Contact your current plan sponsor for details.
What is the difference between a direct and indirect rollover?
A direct rollover must be initiated by completing an IRA rollover form from your previous employer’s Qualified Plan Sponsor. The IRA rollover form serves as the plan participant’s instruction to the plan administrator to send the desired amount directly to the established IRA account. The plan administrator will make the check/wire vested/payable directly to the IRA. By contrast, an indirect rollover occurs when the plan participant request a qualified plan distribution to their individual name instead of an IRA. To avoid any tax consequences, the plan participant must place 100% of the funds received back into another qualified plan or IRA within 60 calendar days.
Will a rollover incur a taxable event?
A rollover could create a taxable event if and when a qualified plan or IRA distribution has been requested by an account holder and 100% of the retirement funds received are not placed back into a retirement account within 60 calendar days.
How do I rollover an asset in-kind?
There are two components to a properly completed in-kind rollover. 1) An in-kind rollover request form must be sent to the current retirement plan administrator to provide direction and 2) the alternative asset being rolled over must go through a re-registration process. A re-registration involves the act of changing the registration of the ownership/vesting/titling of the asset to the new IRA account name so proper custody of the asset is maintained.