NinjaPigeon - My Flight to Financial Independence

Monday, April 09, 2007

Rolling over my 401k... again

Last year, when I left my job at a medium sized company and joined Megacorp, I needed to get my money out of their 401k plan. So, I did a rollover from a Fidelity 401k to a Vanguard IRA.

One of the quirks that tripped me up then was that my previous employer had not updated my status as no longer being an active employee. That ended up costing me a week or so of time. So, this time I thought to call and ask about that first.

Well, when I called, they informed me I was indeed out of the plan and I could start the process if I wanted. I decided to do so, and found out this experience will be slightly different than the last one.

Specifically, my money at Fidelity is actually in a BrokerageLink account, and not directly in the 401k plan. So, I first have to liquidate my shares in the BrokerageLink account and have them transferred back into the plan. Once that has happened, I can then call back to request a check be cut.

My shares should be sold tomorrow at market close. I will try to contact Vanguard tomorrow and confirm that the check needs to be made out the same as last time.

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