« A New Look for TD Ameritrade
Marketing Share »

Rolling over the 401(k)

October 26th, 2006 by Grant in: Investing, Retirement
 Sphere: Related Content

A few months ago I got back into aviation and engineering with a local company. They offer excellent benefits and provide an attractive match to a 401(k) held by T. Rowe Price.

So a few days ago I started the paperwork to roll over my existing American Funds retirement account to the new T. Rowe Price plan from my employer.

What a headache…

Forms to fill out from both T. Rowe Price and American Funds which seems simple enough, but then I found out that American Funds wants an official letter of acceptance on official letterhead from T. Rowe Price stating the type of retirement account they’re sending capital to. On top of that, T. Rowe Price wants a separate part of their rollover form filled out by American Funds.

Oh, and throw in about 20 minutes worth of waiting on hold on about three different occasions to talk to someone about the details of all this…

The idea of a direct rollover is nice, but I’m starting to think it’s not worth the aggravation.


Leave comments below. Subscribe to Comments

del.icio.us:Rolling over the 401(k)  digg:Rolling over the 401(k)  spurl:Rolling over the 401(k)  furl:Rolling over the 401(k)  reddit:Rolling over the 401(k)  fark:Rolling over the 401(k)  blogmarks:Rolling over the 401(k)  Y!:Rolling over the 401(k)

5 Comments

  1. Jonathan
    October 26th, 2006 at 11:30 pm

    Depends on how long you think you’ll work for the company, otherwise you’ll just end up rolling over again. Why not just roll over to an IRA somewhere you like?

  2. Grant
    October 27th, 2006 at 7:30 am

    This is a long-term career move, so I don’t mind jumping through the hoops.

    Additionally, my company is matching me to a high percentage if I keep my 401(k) with T. Rowe Price. I have seen no other company match contributions to our level.

    It’s also nice to have all your paperwork coming from one company…

    -Grant

  3. Bryan T.
    November 5th, 2006 at 9:23 pm

    What is your match percentage?

  4. Grant
    November 6th, 2006 at 8:23 am

    I’d rather not say, exactly, Bryan, but it’s north of 6% and south of 15%.

    -Grant

  5. The Corner Office Blog - An entrepreneurs thoughts on business, personal finance and investing. » Blog Archive » T. Rowe Price Misplaced My Rollover Check
    November 17th, 2006 at 6:52 pm

    […] I’m not impressed to say the least, especially after how many hoops I had to jump through to roll over the money in the first place. But they made an honest mistake, and are making it right without any further hassle. […]

Leave a Comment