I have a 50k pension managed at Fidelity that I want to rollover to Vanguard as an IRA. Fidelity (or maybe it is a process set by my former employer) think we're living in 1995 and want to mail me a paper check made out to Vanguard and have me re-mail that check to Vanguard. Or I can simply and electronically move the pension to a Fidelity IRA.
Can I tell Fidelity, ‘ya sure let’s do the easy thing and move it to a Fidelity IRA’. Then next week initiate an ACATS transfer to move that IRA to the manager of my choice to defeat Fidelity’s stupid paper check policy? Does anyone see any pitfalls with that? I'm thinking once Fidelity has it designated as an IRA in my account I should be able to electronically move it to a different IRA manager.
ACATS question for an IRA transfer vs receiving a paper check in the mail.
byu/Barksalott infinancialindependence
Posted by Barksalott
3 Comments
Contact Vanguard, they will be able to help you with the process
Issue may be the terms of the retirement plan and not so much Fidelity. They are bound by the plan terms put in place by the employer who set the plan up.
If Vanguard can’t directly pull the pension funds from their side, you may be left with setting up the Fidelity IRA and then having Vanguard do the pull.
If they cut a check, Vanguard FBO your name ira. It will be classed as a rollover.