Get Milliman Benefits Withdrawal Form

You have 60 days to re-deposit your funds into a new retirement account after it's been released from your old plan. If this does not occur, you can be hit with tax liabilities and penalties.

Failure to follow 401(k) transfer rules may result in extra penalties and taxes. For example, if you don't do a direct rollover and receive the funds from your previous employer's plan in the form of a check, a mandatory 20% withholding will apply.

Yes, you can move a 401(k) into a Self-Directed IRA! Self-Directed IRA custodians accept rollovers from qualified plans such as 401(k)s or 403(b)s. You'll need to contact your current plan administrator to verify whether your account is available to be rolled into a Self-Directed IRA (SDIRA).

Direct rollover: You can have your 401(k) plan transfer the distribution directly to your IRA. This can be done by an electronic transfer from your old plan provider to your new plan provider, or you may receive a check in the mail that you then need to deposit in your new account.

Contact the prior plan recordkeeper or your IRA custodian to request a rollover. STEP 1: CREATE THE ROLLOVER CONTRIBUTION DEPOSIT FORM. · Log in to MillimanBenefits.com. STEP 2: REQUEST A ROLLOVER. · Contact your prior plan's recordkeeper or your IRA custodian to request a rollover.

There are typically two separate forms that must be completed for a 401k rollover to be successful. The first form is called the “transfer” form, while the second set of paperwork is referred to as the “account application.” The transfer form is used to direct your current custodian on where to send your funds.

For security reasons, we encourage you to create a Custom Login ID that includes both letters and numbers. You can reach Milliman's Benefit Service Center, Monday - Friday between the hours of 8am - 8pm EST, toll free at 1-866-767-1212.

Overview: How to start your 401(k) rollover Decide what kind of account you want. ... Decide where you want the money to go. ... Open your account and find out how to conduct a rollover. ... Begin the rollover process. ... Act quickly. ... Keep your 401(k) with your previous employer. ... Roll over your 401(k) to an IRA.

Rolling over a 401(k) to a new employer is fairly straightforward — you simply call the 401(k) provider at your old company and request the rollover yourself or your current employer plan can do it for you. The other option, which is rolling over a 401(k) into an IRA, is also a popular choice.