NESC said the lump sum pension goes into 401K today. Why can’t they move it straight into Rollover IRA??? What about the contributory after tax? That should go to a post tax account not a pretax 401K. Plus the 401K takes an extra 30 days to start the rollover process.
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Your pension lump sum does it have to go into your Ford 401k. When you fill out the paperwork, you can have the taxable funds deposited in a traditional IRA of your choice and the non-taxable funds in a Roth IRA or direct to any other account you want.
April Fire-ee here. If you're trying to beat the lump sum decrease deadline, just be sure to get your paperwork in, that is what is most important.
That said, dealing with the NESC/Retirement Specialists was a disaster. It took hours of calls, a rejected request (the only reason for rejection possible was 'incomplete' and my form was complete) and, in the end, I trusted what Fidelity told me to do as opposed to what the clueless Retirement Specialists told me to do. I finally received a check to Fidelity in my name (lying on my front porch in the rain), O/N mailed it with a post-it to Fidelity indicating what amount they should put in my existing Roth IRA and where to put the rest of it. Mailed it O/N to Fidelity on a Friday and it was in my account on Sunday morning. While polite and attempting to be helpful, the NESC/Retirement Specialists don't have the skills to do the job.
I know people planning on retiring this month, and in talking to them it seems like they've streamlined the process somewhat, which is probably for the best, since the low cost provider doesn't seem up to doing the job.
I went through the process in 2020. You must provide the account and tracking numbers for your rollover IRA account when you complete the retirement paperwork. In my case, they mailed me a check for the lump sum made out to Fidelity for benefit of me. I went to the Fidelity branch in town and deposited the check. A separate check was mailed to me for the contributory amount and I deposited that into my bank account and bought a new Ford F-150 from a dealer that was nice enough to offer Z Plan. The process worked without a hitch.
Just submit the form. You cannot retire unless form is submitted. It's called reading what was sent to you. It's all there. If only you read.
Did you submit the rollover form with your IRA routing and account number?! That has to be filled out and submitted. The after tax part will be mailed to you in a check form. You can take that check and have it rolled over to a Roth IRA if you want, or you can just cash it at a bank and use it. The lumpsum is rolled over 6 weeks or so after your last day.