Friday is the last day for everyone who was given their 60-day notice on April 18, after which we can roll over our 401k into an IRA, such as any existing traditional IRA you already had. I can't find anything on the Empower site to do so electronically rather than having to wait on hold for their customer service line.
I'm guessing Monday or Tuesday is probably going to end up be the first day that we can get the process going, depending on what is open or closed on Monday, Juneteenth.
I used https://www.hicapitalize.com/
Let them do the work, it’s free to use. They get compensated by the rollover company.
Empower is awful just like wells. I got my money out of there as fast as I could. Empower and WF advisors both contacted me to keep money. Seriously??? You axed me after 33 years !
Archaic process but described here well. You have to call Empower and initiate the check withdrawal process. They make it out to the new place you are rolling into, take no withholding like WF threatens is required by law (it's not). You then follow your new providers procedure for a rollover deposit. It takes much time unfortunately. My balance was almost 7 figures and Empower didn't even mention staying with them. Perfect provider for WF as incompetent at their jobs too.
Remember Monday is another pseudo holiday so empower is probably closed. Call Tuesday
You will be able to roll it over 24 hours after you separation date.
Be sure to check out the IRS Rule of 55 if you plan on retiring before age 59 1/2.
I was “severed” in 2015 from Wells Fargo Advisors. I already had a brokerage account through Wells Trade. I rolled my Wells 401K over into a self directed IRA.
Because I was in the Financial Services part of the business, investing the funds were simple. You can go online and get an investment model using mutual funds or ETFs. Simply buy those investments used in the model in the same percentage allocation. And WellsTrade is FREE. I have never paid for a transaction or IRA fee.
Wouldn't you call Empower first instead of going to a layoff site?
In 1997, I did a rollover by check
It's 2023 and it's the same process.
LOL. No advancement whatsover
I did this recently. You have to initiate it by phone. I think this allows Empower to try and sell you on the benefits of keeping your account with them. Regardless, it was very easy once you confirm that you want to roll it over to an IRA outside of Empower.
A good Financial Advisor will handle everything for you. They got Empower on the phone with me present and handled the call. The check came to me and dropped it off at their office
If you know where you are going let the other company do the transfer. They can do it alot easier. Composer had the audacity to call me and said I had quit. I told the guy WRONG. I was axed and no way was I doing business with anyone associated with Wells Fargo
It's an archaic process. You have to call customer service
They will cut a check in the name of the IRA company, then mail this check
Be very careful if it is a large sum of money.if the check gets lost, you will be in deep do----o for a while at least