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Asked 8/11/2011
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How can I rollover my 401K into my IRA at my Bank. I worked at Orleans Casino Las Vegas. Left working at Orleans in 2009. I want to know what I need to do to rollover my 401K into my IRA at my Bank. |
Answer 1/1 - Submitted 8/15/2011
It's pretty simple. All you need to do is contact your current record keeper to initiate the process. You may have to start with your employer if your record keeper needs their consent.
The normal process is for you to make a request online or by completing and submitting a very simple form which includes the information for your IRA and then the process of distribution is typically completed without a week to 10 days.
Be sure that the check is made payable to your IRA institution and not to you. Also, don't cash the check or deposit it into your bank account as this can be a tax problem for you. It is important to keep these assets out of your account and have it go directly into your IRA to protect its tax favored status.
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