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 to initiate the process. You may request the transfer of your 401K 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.
- You have 60 days from the date you receive an IRA or retirement plan distribution to roll it over to another plan or IRA.
- The IRS only allows this distribution rollover to occur once in a 12-month period across all IRAs you own.