Date: Tue, 20 Sep 2005 09:56:45 CST
From: "John A. Weeks III" 
Newsgroups: misc.invest.financial-plan
Subject: Re: 401k rollover question
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In article <1k10j1dg146ijhblf1n13o3b3977tr6q9g@4ax.com>,
 "HW \"Skip\" Weldon"  wrote:

> How does a 401K rollover usually work?
> Do I need to request forms from my previous 401K providers?

The best way to do this is to pick the place where you want
to have your IRA account.  Then ask them to do the rollover
for you.  They will normally do all the paperwork.  They
may also put it in the mail for you, or ask you to deliver
the paperwork.

This works especially well with a broker since they are
anxious to get your business, and they want to do the work
just to ensure it gets done.

> I have heard that many custodians tend to drag their feet as they do
> not have any financial interest in closing your account.

Companies will drag their feet, but then again, there is a
law on how long they have.

BTW, there is one trick to this business--make sure the
deal is company to company, and that you never hold the
check.  If you get the check, there may be some withholding,
and you have to make up that difference.  If you actually
cash the check, you might also have to pay taxes on it.

-john-

-- 
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John A. Weeks III           952-432-2708            john@johnweeks.com
Newave Communications                         http://www.johnweeks.com
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