For those who have left Wells Fargo and chose to roll over your 401(k) balance and Cash Balance Plan to your own IRA outside of Wells, how long after your last day did it take for the money to hit your account?
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You can request 401(k) distribution / rollover 1 day FOLLOWING your last day at work.
Unless you've stopped contributing, best to wait for final contributions before requesting the rollover or else you'll just be making a 2nd request after your last paycheck.
You can do it all on-line at Empower site.
@1kmm People have been predicting that since 1933. Do you really still think "precious" metals that really have no use besides conducting electricity and being shiny are going to become the preferred way of paying for things again?
- Open a Traditional IRA with Charles Schwab or another financial company.
- Call Empower and tell them you want to do a rollover and provide acct # from #1 above.
Years ago when I retired from Wells, I received a check in about 2-3 weeks for my Cash Balance Plan made out to Charles Schwab referencing my acct that I had 60 days to deposit into Schwab to avoid a tax penalty.
Recently, I have been rolling over my Wells 401K in chunks (versus all at once). It has been taking exactly one week for the money to be deposited into my Charles Schwab account after I called and initiate the request from Empower (no more paper checks being mailed, it is an automatic deposit)
you have to request it through empower; its not automatically done
financial markets about to crash due to the disaster in this country with these banks, etc; get gold and silver for goods, money wont be worth anything
Empower sucks, why can’t they do a transfer directly into your IRA like other companies when you move accounts?
Make sure the wells fargo stock is handled correctly. Info on empower site and on wf site under special tax notice.. tax consequences.
They don’t deposit the funds directly into your IRA. They mail you a check which you then endorse and deposit. I was able to do a mobile deposit into my IRA, but the receiver had to set that up first.
Cash Balance pension came in about a month. I chose one time payment and rolled it into an IRA. Left 401K with Empower but moving it next month.
Empower sent me a check within a couple of days of initiating the rollover. I forwarded it to my new IRA. The whole process took about a week.