How do I rollover a 401(k) to Firstrade?
Step 1: Open a Firstrade IRA
If you don't already have a Rollover IRA, you'll need to open one in order to move money from your former employer's plan into your new account. If you have both pre-tax and post-tax contributions in your 401(k), you may also need to open a Roth IRA.
Which IRA should you consider for your rollover?
- For a pre-tax plan: Open a Traditional or Rollover IRA account
- For a post-tax plan: Open a Roth IRA account
Step 2: Fund Your Account
Contact your plan provider and fill out their distribution form or initiate the process online. You may then request the transfer of your current retirement account funds using the following methods:
By Check/Direct Rollover:
Request to have a check issued and made payable to: "Firstrade Securities, Inc., FBO [YOUR NAME], [YOUR FIRSTRADE ACCOUNT NUMBER]"
Firstrade Securities Inc.
30-50 Whitestone Expwy, Ste A301
Flushing, NY 11354
Depending on your previous employer-sponsored retirement plan’s administrator, your funds can take anywhere from 5 to 20 business days to be deposited into your Firstrade IRA account.
By Wire/Direct Rollover:
- Request to have the funds wired into your Firstrade account.
- Complete the IRA Deposit Slip/Adjustment Form and upload it online.
By Indirect Rollover:
- Request that the plan provider send you a check made payable to you.
- After the check is cleared in your bank account, you can fund your IRA account with your personal check. Have a check made out to "Firstrade Securities, Inc” and add your name and account number on the memo line.
- Mail the check to Firstrade along with the 401(k) administrator letter/plan statement.
Please note that the check amount should match the distribution amount from the plan administrator letter.