Millennium Trust is here to make rolling over your IRA balance to your current 401(k) as easy as possible. We have outlined the key steps below to help simplify this process for you. Please note, an IRA to 401(k) plan rollover typically takes a few weeks to complete, end-to-end, depending on the responsiveness of your HR department and your 401(k) plan provider.
Follow these four simple steps:
1. Confirm Eligibility and Gather Information from Your Current 401(k) Plan
Speak with your employer’s human resources or benefits team to obtain the following information:
A. Account’s Eligibility: Confirm your current 401(k) plan accepts rollover funds from an IRA. Not all 401(k) plans accept rollovers from IRAs, so you want to be sure your current plan will accept your IRA funds before proceeding.
B. Plan Details: Obtain the complete Plan Name and Plan ID Number of your current 401(k) plan.
C. Check Payable Details: As part of the rollover process, you will receive a check from Millennium Trust representing the balance of your IRA. Find out to whom the check should be made payable to allow for easy and timely deposit of the funds into your 401(k) account.
D. Mailing Address: Obtain instructions on where to mail your funds once you receive the check from Millennium Trust.
E. Rollover Form: Request a Rollover Form from your current 401(k) plan provider that will need to be submitted to initiate the rollover process.
Preferred Vendors
We make rolling over your account easier by suppling the contact information to our preferred vendors below.
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OneAmerica GVA Call (800) 249-6269
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OneAmerica OpenArch Plans starting with a # Call (800) 858-3829
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Paychex Retirement Services Call: 877-244-1771
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T. Rowe Price Call: 800-922-9946
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Voya Financial Call: 800-584-6001
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John Hancock Retirement Call: 877-525-7655
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2. Complete your 401(k) Plan’s Rollover Form
Now, fill out the Rollover Form from your plan provider with all the relevant information from step 1 and carefully read the instructions on when and where to submit this form.
Some plan providers allow you to submit the form to them prior to receiving your distribution check (see step 3 below), while others require the completed Rollover Form and the check to be submitted together.
3. Request your Rollover Check from Millennium Trust
You’re almost there! To move your IRA funds to your current 401(k) plan, log in to Millennium Trust’s Investment Platform, go to the Deposits & Transfers menu, and click Withdraw/Distribute. Then click Next to launch the IRA Distribution Request form and initiate a check request from Millennium Trust.
You will need your current 401(k) plan information referenced above in step 1 to complete this process accurately. It is very important to have accurate information for this check request to ensure an expedited process.
IMPORTANT NOTE: To maintain the tax-advantaged status of your retirement savings and avoid negative tax consequences and potential penalties, you must deposit the funds you withdraw from your IRA into your 401(k) within 60 days of the withdrawal. To ensure you meet this deadline, do not request the withdrawal of IRA funds via rollover check until you have confirmed that your 401(k) plan accepts rollovers from IRAs, and you have fully completed your plan’s Rollover Form.
4. Submit your Rollover Form and Check to Your Current 401(k) Plan Provider
Now it’s time to submit your check and the Rollover Form to your 401(k) plan’s provider. Follow the mailing or delivery instructions on the Rollover Form you collected in step 1. Once the form and check are received and processed by your current 401(k) plan’s provider, please confirm with your 401(k) plan provider that your funds were successfully transferred to your current 401(k) plan.
Millennium Trust is here to help. If you have any questions or prefer to speak with one of our Rollover Specialists, please contact us at 800-258-7878 during our hours of operation, Monday – Friday, 7:00am – 6:00pm CT.