401k to 401k Transfer Procedures

If you need to complete a 401k transfer, there is a certain process you will have to follow. Otherwise, there is a chance that you could lose part of your retirement funds in penalties and taxes. Here are the basics of how to transfer from one 401k to the other.

Open a New Account

The first thing that you will need to do is open a new 401k. This is often done when you start working for a new employer. At that point, they will ask you to fill out some paperwork in order to open an account with them. You will need to let them know that you will be transferring funds from an old 401k. They will most likely have another form for you to fill out when this is the case.

Transfer Funds

You will then need to contact your old 401k provider and let them know that you want to transfer the funds. Your old provider will have a transfer request form that needs to be filled out. This form will provide them with information about your new account and let them know where to transfer the funds. The companies will then work together to transfer your funds to your new account.

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