Saturday, January 27, 2007

Update on 401(k) Rollover

I received an update on my 401(k) rollover today, and it was not great news. Turns out I forgot to fill out one section of my rollover application. They sent that page back to me highlighting where I was supposed to sign.

I think the problem is with their instructions. They actually sent me a form letter that had "forgot to sign section X even though you said you are married" as one of the possible mistakes I made, and that box was checked. Apparently there are about 5 common errors people typically make when filling out this document, and I made one of the 5. It made me wonder: why don't they make it clear that you need to fill out that section if you are married? I guess they find it easier to just have a form letter ready for when you make that mistake.

Anyway, I filled it in promptly and I have it wedged behind the coathanger inside my door (where I keep all the envelopes I intend to mail because it is right in my face as a reminder when I go out). I will mail it out soon. I hope to hear back in another week or so from them. They aren't exactly quick on the turnaround.

When I receive the check from them (around $15k), I will just put it into my new employer's account using the exact same allocation I currently use, so it doesn't throw my percentages off. Then I can forget about it, and I will officially have one less account to worry about!

1 comment:

Nancy said...

Some plans have a "spousal consent rule"....it's common with 403b plans and other non-profits. This requires the extra signature. Your fishing story was great! Thanks
Nancy