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How to Roll Over a Qualified Employer Sponsored Retirement Plan (QRP) Such as 401(k), 403(b), or Governmental 457(b) into an IRA

Three Simple Steps to Rolling Over

Once you have decided to roll over your QRP into an Individual Retirement Account (IRA), here's how it's done:

Step 1 – Choose an IRA

  • First, determine whether you need a Traditional or Roth IRA. Your designated Roth account can only roll to a Roth IRA, or another designated Roth account, it cannot roll to a Traditional IRA.
  • Then, decide how you would like to work with Wells Fargo. Select Your Rollover Account

If you need help call us at 1-877-493-4727.

Step 2 — Transfer funds from your old QRP

Contact the plan administrator of the QRP you are rolling (contact information can be found on your last QRP statement), and request a direct rollover distribution payable to Wells Fargo. Make sure to:

  • Ask to roll over the funds directly to Wells Fargo for benefit of (FBO) your name.
  • Reference both your name and the account number (if available) of the new IRA you set up or your existing IRA.

They will either send the funds directly to Wells Fargo, or you will receive a check in the mail made payable to your IRA to deposit into your Wells Fargo IRA.

Step 3 — Invest  your savings

Once you have your savings, it's time to invest  them. Depending on how you chose to work with Wells Fargo in Step 1, you can either:

  • Choose the investments that make the most sense for your unique goals and situation.
  • Contact us for help creating an investment allocation tailored to your needs.

Please keep in mind that rolling over your QRP assets to an IRA is just one option. You generally have four options for your QRP distribution:

  1. Roll assets to an IRA
  2. Leave assets in your former employer’s QRP, if QRP allows
  3. Move assets to your new/existing employer’s QRP, if QRP allows
  4. Take your money out and pay the associated taxes 

Each of these options has advantages and disadvantages and the one that is best depends on your individual circumstances. When considering rolling over your assets from a QRP to an IRA, factors that should be considered and compared between QRPs and IRAs include fees and expenses, services offered, investment options, when you no longer owe the 10% additional tax for early or pre-59 ½ distributions, treatment of employer stock, when required minimum distributions begin and protection of assets from creditors and bankruptcy. Investing and maintaining assets in an IRA will generally involve higher costs than those associated with QRPs. You should consult with the plan administrator and a professional tax advisor before making any decisions regarding your retirement assets.

We’re here to help

Call us 1-877-493-4727

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