Friday, March 1, 2013

Rollover Complete

My wife's rollover from her former employer's retirement plan showed up her IRA a couple of weeks ago.  In an age of instantaneous communication and same-day asset transfers, it seems strange that a process like this can still take six weeks from start to finish.  It sounds like the administrators of her former plan had to do some research to ensure that the right amount had been withheld from her paychecks over the years.  My wife also had to send paperwork to three different entities to initiate the process, so the coordination between multiple parties also inherently delays things.

Although there were a couple of follow-up questions regarding the submitted paperwork, my wife was able to get everything sorted out so there weren't any major issues.  Kudos to her for making everything happen.  This isn't a role she normally assumes in our relationship, so I know she was a little out of her comfort zone.

She's been talking with me about some ideas for investing the cash, but so far hasn't committed to anything yet.  Still, the extra cash makes a nice addition to our overall net worth (I hadn't been including this in our Retirement assets until the rollover completed).

4 comments:

  1. Congrats on getting this sorted out. I know I had to wait 90 days after leaving my last job to avoid paying "trading fees". The process took about 3 weeks after that, start to finish.

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    1. Probably short term trading fees for mutual funds. That's pretty common. Better to keep your money than give it up to fees. The 3 week transfer sounds pretty good though.

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  2. Rolling over her old retirement plan sounds like a paperwork nightmare. I think it's great that you had her take care of that.

    P.S. I love looking at your net worth and seeing no mortgage listed! Great inspiration to continue trucking along on paying mine off :)

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    1. Paying off the mortgage was the best financial move we ever made. You won't regret the effort once the debt is gone. Good luck!

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