My previous employer used vanguard for 401k, however my current employer uses Merrill Lynch does anybody know how i can transfer my 401k funds to Merrill

like
Posting as :
works at
You are currently posting as works at

Nonononono.

When you are done with a 401K, do a direct rollover to an IRA.

Do not transfer to another 401K.

401Ks have fewer investment choices, and stricter rules about loans and distributions. IRAs are freedom. 401K are not!

You can even open the IRA at the same firm where your new 401K is! Just make sure you call old 401K provider and new IRA firm and make sure you are clear that you are doing a direct rollover, so you don't accidentally create a taxable distribution. You need to know how to have old co make out the check--generally it's "[new firm name] FBO Jane Doe IRA".

Every firm has teams that handle this and they will walk you right through this!

Good luck!

like

Agreed with IBM1. Do not rollover to a IRA. You will open yourself up to the pro rata rule when doing a backdoor Roth IRA.

Additionally, some 401ks have institutional funds with significantly fee structures than IRAs. Accenture, for example, have institutional versions of their funds with lower fees than even their admiral funds

likehelpful

Step 1: call Merrill lynch

like

Merrill Lynch were two different people!

Before you transfer the funds, evaluate which 401(k) plan has funds that you prefer more. If you like the funds that your new employer’s 401(k) plan offers, then transfer your funds from your previous employer’s 401(k) through Vanguard to Merrill. You can go to the Merrill Benefits site and there is a tab for transferring/rolling over funds. You’ll mostly likely need the name (Merrill), account number and address. You’ll then go to your Vanguard/previous employer’s 401(k) site to submit the request to rollover funds. They’ll most likely cut a check that says FBO your name. Don’t deposit the check. You’ll fill out forms from Merrill and mail the check with the forms.

Second scenario is you prefer the funds at your previous employer’s plan. Call and ask if there are any additional fees charged for keeping your investments within the plan if you are not an employee. If there are no additional fees, then you won’t have to take any action besides remembering you have another 401(k) account.

helpful

Yep. Don’t listen to Attorney1. Not sure why he’s repeating the same bad advice

Why can't you still keep it with Vanguard?

like

Thanks for your help!

In-kind transfer

Switched over to KPMG from Deloitte?

Thanks. I’ll be having to make that transfer in the not too distant future.

Related Posts

Considering getting my masters in art education K-12. Thoughts? Am I crazy? I know the pay is a lot less but a pension and tenure is pretty appealing.

like

Hi fishes. JP Morgan is offering me 11 LPA. There is no joining bonus or relocation bonus. The HR straight away said no. Is it true that the company does not provide any of these benefits? Kindly help

likesmart

How tough is it to break into a FAANG PM role at mid-level if you have less prestigious experience? I have 10+ YOE in product, but some was at a tiny meh startup that fizzled out, some was in the digital wing of a large old healthcare org, and though my current role is GPM at a “name brand” tech company, it’s on the smaller side. Went to a good-but-not-Ivy school. What qualifications and experience are FAANG companies looking for when hiring mid-level PMs? Can I break in at mid-level from here?

like

I went from making $70k the last 7 years to now started a new job a month ago making $130k plus $10k bonus every year, and $60k in RSUs. I have $70k in my 401k and around $50k in savings. Want to get out of the Silicon Valley which has been home my whole life and buy in TX or AZ a ~$400k house. I have about $20k in student loans which my dad has offered to pay (wants to make up for never supporting me) but I’m waiting to see what Biden decides for student loans. Is this feasible? Credit is ~615

like

Looking for recommendations on books for personal finance and investing?

like

Is there any way to get a Singapore (+65) SIM card and phone number outside of SG?

If a company has class A shares listed and class B unlisted, do we take class B shares when calculating market cap?

like

I own two small companies, 1.5million in sales combined. Owned them for more that 20yrs. Getting older and thinking of selling, would like to sell by end of 2025.

Not sure how to go about selling. Any ideas?

like

DC housing market - what’s your prediction for the next year? With 40m unemployed nationally, I’m thinking home prices can’t stay sky high much longer. I own a condo in the middle of DC so I’m starting to get freaked out and considering selling before a crash.

like

Hi all! If anyone needs HCM solutions for their business (ie payroll, 401k, worker’s compensation, or health and benefits) I would be happy to connect with you and help you get that in place!

Who’s hiring? Looking for a healthcare consultant position asap. Remote, no travel. Have a masters and few months of experience. >100k comp. Thanks.

likefunny

How does one get into trading from positions elsewhere in the bank? What would impress you most about candidates attempting to do so?

like

Starting at Deloitte soon! Any benefits/perks I should take advantage of right away?

like

If I do a HDHP next year and contribute to a HSA, what happens to my HSA if I want to go back to a LDHP the following year or a few years later?

like

Burnt out Senior FPA Analyst with 6yrs working in finance as a whole. Looking to make a transition into remote work in Operations, Compensation/Benefits, Strategy, Management - something more people oriented while being able to help improve business inefficiencies. Can anyone help me out?

like
like

Question for media folks on the client side who lived agency life: how much of a difference in day-to-day looks like? How's Work-life balance and employer benefits compare to NYC's top Media agencies?

like

Any recos for a fee-only financial advisor that’s under $300/hr? Need to understand sole proprietor/small businesses.

like

May have an opportunity to transition out of patient care into working remotely from home doing healthcare Recruiting. Would be a pay cut, is it worth it ?

like

Upi payment issue..YESTERDAY I transferred 1 lak from my hdfc account to my Icic account through UPI .Now money from my hdfc account is deducted but not credited to my icici . Can you pls suggest whom else I can contact other than hdfc& icici customer care from where I could not get the answer correctly.

like

More Posts

I hate my new manager!

like

What to do with a candidate who calls me even on a Sunday and bugs me? This is a bgv negative candidate who has given some fraud documents and hence bgv became negative but being a HR who continuously takes calls this is really becoming annoying where even Sunday i don't get a break and he is pinging me even on WhatsApp

like

First year teacher who has gotten PTSD from one student. 2 concussions, multiple scratches, bruises etc. I can’t help but feel burnt out and it’s not even my second semester...

like

How long does it typically take to ramp up as a mid-level lateral? I’ve gotten maybe 5 hours of billable work since I started 3 weeks ago…

like

Hello my RE professional. If you did the math. 1) What percent of your commissions have you been spending on the virtual experience of the homes you are selling (video, photo, drone, 360/virtual tour)

like

How bad does it look to future employers for an experienced attorney (15+ years) who is pivoting into a different practice area and looking to lateral after only having been at their current/first job for 4-5 months in the new practice area? I've been told by a recruiter that it's not a deal breaker because of my experience level. But many colleagues have suggested I remain where I'm at (miserable and unappreciated - just took a $20k pay cut) for at least a year.

EY Florida: Has anyone heard of layoffs here?

like

Producers/CD’s/Designers, I’m in need of a talented illustrator. Please link to your favorites below!

like

I’ve been slowly saving up for a rolex explorer 114270 off the grey market and think I can finally get one within the next two months. Anyone own one of these and have any thoughts on it. What really sold me on it was that it was lowkey and could be worn in basically any setting i’d find myself in

Post Photo
like

Anybody here experienced in going to the US via the E3 visa?

like

looking to transition from PR to product development. I have an interview at a fashion company this wednesday. does anyone have any advice/tips on transferable skills or interesting questions to ask the employer? would love to hear your story - thanks so much!

like

Fish, need your help. 5th year doing leveraged finance at a V20 in NYC. I’m good at my job but I hate the practice area. Was a direct hire. Ideally, would want to pivot to ECVC but would take PE M&A in a pinch. Have 4 years of international (non-US law) M&A and 1 year of international (US law) capital markets experience. Is it impossible to retool now? Given that markets are hot will I have to drop years (already dropped the 4 years of international experience so not keen to drop more).

like

Would love to have more female Desi friends - any Desi ladies in Chicago willing to hang out?

like

Any fellow married ladies here? How do you keep up with the challenging travel schedule and work culture in consulting?

like

How is your dating life? Are you open and crazy about it?

In the 6 years of our married life me and my husband have always had differences.
One thing we stuck to was not to care about expenses like we saved together, spent together...my salary was his and vice versa...
I have differences with his side of the family...but recently I got to know that he has been buying crypto for his brother without my knowledge.
Mind it that his brother is very well off but for some reason he can't buy crypto himself since he is in India.
Knowing my husband...contd...

like

What types of healthcare consulting does PwC do? I have an interest in public health, but I also like physician enterprise/productivity but I’m not sure if they have these offerings or not

like

Want to give myself a whole year to prep for L2 to prevent burning out with studies & work - wise or dumb plan?

like

Looking for PHR prep class recommendations. Preferably virtual. TIA!

like

Any suggestions for pre-ipo companies?

like

Additional Posts in FIRE Financial Independence Retire Early

What books do you think are a must read?

like

With interest rates set to rise soon(ish?), does it make sense to sell my Bond funds in my 85-15 portfolio and then buy back later next year?

like

Just recently heard of what FIRE is. What’s the best resource for understanding it and basic strategies quick? A cliff notes version of it? Thank you!

like

Net worth was at -$280k @ age 25, hit $1m at 36, and today $2m at 39.

likeuplifting

I’m trying to retire by the age of 45. I’m currently 27. I stash away $1,000 each month into my 401k plan (this includes my employee match). I spend around $2,000 on renovation each month for a home I recently bought. My parents and own a total of 3 homes and they’re all cash bought. My portion of equity is around $162k. I have around $20k in my 401k. $17k in student debt. $6k in debt (kitchen remodel and a portion of the AC we bought). Is it possible for me to retire soon?

like

Is passive income a must have for a FIRE strategy. With the current real estate market, It’s seems like poor timing for Real Estate investment or rentals. What are other ways to bring in mailbox money?

like
like

Sell my house now at $450K (vs. $390K purchase price in Apr 2021) and pay 30% capital gains tax OR wait until Apr 2023 to sell avoiding capital gains but risk market uncertainty? The house is in a Maryland suburb of Washington, DC.

like

Eligible for a non-qualified deferred compensation plan for the first time. I understand the general concept and benefits. What should I consider to get most out of this plan? Tips on optimizing?

like

Are there any creatives in this bowl, or am I fooling myself? 😁

funny

I have $20k student loans and have been paying $1k per month throughout pandemic to lower the balance. Would you continue to do this? I could pay them off, stop payments in hope of debt relief or keep up with current strategy. TIA

like

For those of you who made your first million in net worth, what did you do next?

like

I’m doing 1-4 on this list and just starting on number 5. Where do y’all invest in terms of brokerage? Just looking to hear others’ breakdowns and approach for brokerage. TIA :-)

Post Photo
likesmarthelpful

Thoughts on GlobalX ETFs? The company in general, any specific ETFs you like/dislike, their expense ratio, how to leverage their offerings for FIRE strategy, whatever…. Leaving this open ended in an attempt to spark convo.

like

Variable or fixed mortgage rate would you choose in this economy?

like