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Move Your 401(k) Account to a Sit IRA
It’s easy to move your 401(k) or other retirement accounts from a former employer to a Sit IRA.
Before completing an IRA application, please determine the contribution types that make up your 401(k) account:
- A majority of 401(k) accounts consist solely of pre-tax money (which includes pre-tax salary deferrals, matching and profit sharing contributions);
- in very rare circunstances, a 401(k) account will consist of Roth contributions only; or
- some 401(k) accounts have both pre-tax and Roth contributions.
After you’ve verified that your 401(k) account is made up of only pre-tax money, follow these three steps:
- Step 1: Print and complete an IRA Application. On the first page of the IRA application, be sure to check the “Rollover IRA” box and “Direct Rollover from 401(k), 403(b), 457 Plan or Other Qualified Plan” box.
- Step 2: Contact your retirement plan provider and request a distribution form. (In some cases, you may be able to request the distribution over the phone.) On the form (or phone), indicate that you want your distribution processed as a “Direct Rollover” to a Rollover IRA with the check issued payable to:
Sit Mutual Funds Rollover IRA
FBO (your name)
P.O. Box 534459
Pittsburgh, PA 15253-4459
- Step 3: Mail the completed and signed, 5-page IRA Application to Sit. Mail the distribution form to your retirement plan provider.
After you’ve verified that your 401(k) account is made up of only Roth money, follow these three steps:
- Step 1: Print and complete an IRA Application. On the first page of the IRA application, be sure to check the “Roth IRA” box and “Direct Rollover from a Designated Roth Contribution Account” box.
- Step 2: Contact your retirement plan provider and request a distribution form. (In some cases, you may be able to request the distribution over the phone.) On the form (or phone), indicate that you want your distribution processed as a “Direct Rollover” to a Roth IRA with the check issued payable to:
Sit Mutual Funds Roth IRA
FBO (your name)
P.O. Box 534459
Pittsburgh, PA 15253-4459
- Step 3: Mail the completed and signed, 5-page IRA Application to Sit. Mail the distribution form to your retirement plan provider.
Because different rules dictate how your funds will be taxed upon withdrawal, we’re required by law to establish separate pre-tax (i.e. Rollover) and Roth IRAs. Therefore, when you move money from a retirement account that includes both pre- and post-tax funds, you’ll need to set up two IRAs.
Step 1: Complete 2 IRA Applications:
- One for a Rollover IRA, which will hold your pre-tax money. On the first page of the IRA Application, be sure to check the “Rollover IRA” box and the “Direct Rollover from 401(k), 403(b), 457 Plan or Other Qualified Plan” box.
- One for a Roth IRA, which will hold your Roth 401(k) money. On the first page of the IRA Application, be sure to check the “Roth IRA” box and the “Direct Rollover from a Designated Roth Contribution Account” box.
Step 2: Contact your retirement plan provider and request a distribution form. (In some cases, you may be able to request the distributions over the phone.) On the form (or phone), indicate that you want your distributions processed as a “Direct Rollover” to a Rollover IRA and a “Direct Rollover” to a Roth IRA. Have the checks issued payable to:
Sit Mutual Funds Rollover IRA
FBO (your name)
P.O. Box 534459
Pittsburgh, PA 15253-4459
Sit Mutual Funds Roth IRA
FBO (your name)
P.O. Box 534459
Pittsburgh, PA 15253-4459
Step 3: Mail both of the completed and signed 5-page IRA Applications to Sit. Mail the distribution form to your retirement plan provider.
The mailing address for Sit is:
Sit Mutual Funds
P.O. Box 534459
Pittsburgh, PA 15253-4459