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.
- 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.
- 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.