You can initiate a retirement account rollover with Ellevest. You can view the types of rollovers Ellevest supports here.
Step 1: Request your rollover
To get started with your rollover, click on Transfer Money at the top of your Ellevest dashboard and select Transfer External Account. You can then select if you’re transferring a 401(k), 403(b), 457, 401(a), or other plan type. *Right now you can only start a rollover on Ellevest.com.
Step 2: Review your benefits
It’s important to compare the costs and benefits in your current plan to a Ellevest plan. Benefits at Ellevest include money management advice, goal planning, personalized investment plans, forecasts, deposit recommendations, and ongoing management.
Step 3: Confirm rollover information
After you tell us your plan type, your estimated balance, and if your plan is still active, you’ll also be prompted to upload a copy of your most recent account statement. (Note: if you have an active plan, meaning you or your employer are still contributing to it, then you cannot roll it over to another provider).
We’ll use the information on your statement to open the appropriate IRA account type (such as a traditional IRA or a Roth).
Step 4: Initiate rollover
After we review your statement, we’ll notify you that it’s time to initiate your rollover. You will need to review our recommended investment portfolio and electronically sign our rollover agreement. (Note: if you already have the associated Ellevest IRA, we’ll automatically roll your funds into that account instead of opening a new one).
Step 5: Call your current provider
After you initiate your rollover, the last step is for you to call your current 401(k), 403(b), or other plan type provider.
Before you call:
- Determine your receiving account type. For example:
- If you’re rolling over a traditional 401(k), then you’ll be transferring your account into a traditional IRA at Ellevest.
- If you’re rolling over a Roth 401(k), then you’ll be transferring your account into a Roth IRA at Ellevest.
Find your Goldman Sachs Custody Solutions (formerly Folio) account number.
This is the account number associated with your Ellevest retirement account.
- Your current provider will need your account number to include on your check.
- You can find your account number by clicking on the user menu at the top right-hand side of your dashboard. Under the Accounts option, select the correct account type to view your account number.
3. Check that your address is up to date with your current provider. You can usually do this online before you call.
Make the call:
4. Call the number on your most recent account statement. It’s likely the direct line for the Retirement Accounts Team.
- Once you get the right person on the phone, tell them you want to do a direct rollover of your 401(k), 403(b), or other account type into an IRA at another provider.
5. Give instructions
- For rollovers, you will still list Folio as the recipient for your check and not Goldman Sachs Custody Solutions.
- When your provider asks how you'd like to receive the funds, tell them you need a check made out to:
"Folio Investments FBO [Your Full Name] [Your Folio IRA Account Number]"
- When they ask where to send the check, tell them you’ll need it sent to Folio directly:
8180 Greensboro Drive, 8th Floor
McLean, VA 22102
- Remember: the 401(k) you’re rolling over to an Ellevest IRA cannot be sponsored by your current employer.
- If they won’t send the check to Folio directly, have them send the check to you, so you can send it to Folio.
Checks should never be sent directly to Ellevest. All checks sent to Ellevest will be returned. If you have any questions, please contact the Client Support team at email@example.com.
Step 6: Sit back and relax
Once Folio receives the check, we’ll invest the funds in your Ellevest retirement account. We’ll also send you an email to let you know that your rollover has been completed.
FAQs about retirement account rollovers at Ellevest:
Are there any fees or taxes are associated with a rollover?
We don’t charge you any additional fees for rolling your 401(k), 403(b), or other plan type into an Ellevest IRA. Additionally, there are no tax consequences associated with a direct rollover. However, you may incur fees from your current provider for closing your account, so we recommend discussing potential fees with your current provider.
Can I roll over multiple 401(k)s or 403(b)s?
Yes, you can roll over multiple 401ks or 403bs to your Ellevest IRAs, as long as the plan you’re rolling over isn’t sponsored by your current employer. You’ll go through the same 401k/403b process for each rollover.
Can I roll over my 401(k) or 403(b) to Ellevest if it has both Roth and traditional funds?
Yes! If your 401(k) or 403(b) has both Roth and traditional funds, you can roll over that account to Ellevest.
When you call your current provider, you’ll need to ask for two checks: one for the balance of your account with traditional funds and one for the balance of your account with Roth funds.
The traditional 401(k)/403(b) balance will be rolled over to your Ellevest traditional IRA, and the Roth 401(k)/403(b) balance will be rolled over to your Ellevest Roth IRA.
We’ll walk you through the process when it’s time to reach out to your provider.
Can I make deposits to my Ellevest IRA while my 401(k) or 403(b) rollover is in progress?
Yes, you can make deposits to an Ellevest IRA account while your rollover is in progress, as long as you have linked a checking or savings account already.
However, the IRS places a limit on yearly contributions to IRA accounts, so double check your year-to-date contributions before initiating anything. You can check the IRS rules here.
Please note that a rollover isn't considered a contribution and doesn't count toward the yearly contribution limit.
What other factors should I consider when deciding whether to roll over my 401(k) or 403(b) into an IRA?
When considering whether to rollover your 401(k) or 403(b) to an Ellevest, you may also want to consider the following factors:
Working past the age of 70 ½: If you work past the age of 70 1/2, you are not required to make withdrawals from your 401(k) or 403(b) plan until you stop working. That means the funds in your plan can continue to grow tax-deferred until you retire. This is different from an IRA where withdrawals are required starting at age 70 1/2, whether you are working or not.
Filing for bankruptcy: If you are considering filing for bankruptcy, then funds held in a 401(k) or 403(b) plan are generally protected from creditors. Depending on your state of residency, funds in your IRA may not be fully protected from creditors.
Employee stock: Keeping employer stock in your plan has tax advantages that will be lost if rolled over to an IRA. If you hold employer stock in your plan, you may wish to keep your employer stock position in your plan and do a partial rollover with the remainder.
This information is provided for general informational purposes only. It is not intended to and should not be relied upon as financial, legal or tax advice. Please consult your financial, legal or tax specialists regarding your particular situation.