Fidelity Rollover3 Replies
Top ForumsRollover Funds into Solo 401k, Solo 401kDecember 7, 2021 at 9:59 am
I used fidelity as my brokerage when I setup my self directed 401k and I have my non-prototype account setup and going. I have an old employer 401k that was through fidelity as well. Can I have fidelity rollover the funds into my non-prototype account or do I have to use the same process of when I used an old 401k from Vanguard to use as funding for my self directed 401k?
I’m not sure because every time I have been on the phone with Fidelity when getting my non-prototype account going, they seemed to be lost as to what that is so I don’t want to take their word for it.
Top ForumsSolo 401k, Solo 401k ContributionsDecember 7, 2021 at 1:47 pm@ckh2399
Thanks for posting your good question as this is a common question that we field as we guide clients to transfer funds from a former employer plan at Fidelity to their Solo 401k.
Fidelity will generally take the transfer instructions over the phone for a former employer plan. Fidelity will then mail you the transfer check payable to the Solo 401k (note: the funds will be transferred by check even if the account for your Solo 401k is at Fidelity).
You will then deposit the transfer check into the Solo 401k account (e.g. the non-prototype brokerage account at Fidelity).
Top ForumsSolo 401k, Solo 401k ContributionsDecember 7, 2021 at 1:54 pm
Fidelity Investments requires the transfer check to be made payable in the name of the self-directed solo 41k and mailed out to your address since you are the trustee of the solo 401k plan. You then have to send the check back to Fidelity for deposit into the solo 401k plan investment only brokerage account (aka non-prototype). This is their requirement. CLICK HERE for more information.
Top ForumsRollover Funds into Solo 401k, Solo 401k
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