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401(k)

Is it possible for me to roll over the 401(k) from a previous employer into the 401(k) of my new employer?

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Attorney answers (3)

Reputation Level 11
Yes, that rollover is permissible. When you leave an employer, you can either: (i) leave your 401(k) with that employer; (ii) roll it to your new employer's 401(k) plan; (iii) roll it into an IRA (Individual Retirement Account); or (iv) cash it out and pay the deferred taxes and any penalties. Note that some employers will only maintain your account (after you have left) if it is above a certain amount. If it is not, you will be forced to roll it to the new employer's plan or your own IRA. In any event, the rollovers should all be what are known as "trustee to trustee" transfers, which means the plan administrators should exchange the funds between themselves - you do not want to receive a check. If you have questions your new employer's plan administrator should be able to assist you.
4 people marked this answer as good
Justin Dain Hein
Justin Dain Hein, licensed in California and Wisconsin

Reputation Level 12
Yes.
2 people marked this answer as good
Nicholas Chukwuemeka Okorocha
Nicholas Chukwuemeka Okorocha, licensed in California

Avvo Pro

Reputation Level 19
Yes you can.
2 people marked this answer as good
Nicholas Chukwuemeka Okorocha
Nicholas Chukwuemeka Okorocha, licensed in California

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