Moving an existing retirement account to Choice

Moving Assets from an Existing Retirement Account

There are three ways to move assets from one of your other retirement accounts to your Choice IRA without triggering a tax event or incurring penalties: 

  • IRA Transfer: We work with the bank or financial institution where your IRA is currently held to transfer some or all of your assets directly into your Choice account.
    • Cash transfers generally take 10 business days to complete, while in-kind transfers (which don't require you to sell your investments before transferring) can take up to a month.

Next steps: How to start an IRA transfer >

  • Direct Rollovers: You request a distribution from a qualified retirement plan - like a 401(k) or 403(b) - to be made payable directly to your Choice IRA.
    • We offer a concierge service through Capitalize to make this process as smooth as possible if you would like extra help.
    • Rollover funds are available in your account the day after Choice receives them, however processing times may vary for your plan administrator to process the distribution.

Next steps: How to start a 401(k) rollover >

  • Indirect Rollovers: Similar to a direct rollover, however the distribution is payable directly to you. To avoid a tax penalty you must deposit the distribution into your Choice IRA within 60 days.
    • This is generally used as a last resort because of the risk of penalty.

Next steps: How to complete an indirect (60-day) rollover >