Well, the form asked for Fidelity info and called it a "direct transfer". The person on the phone said this would happen. Like I said, they have no routing numbers, etc so who knows. I'll believe it when I see it, but the person I talked to was very clear when I objected to a check and asked for a direct transfer. She emailed me the form and walked me through it as well as going to the third website (I wish I saved links) and terminated myself as an employee. She had no idea why that was necessary, and neither do I since it wasn't necessary for them to receive funds.I talked to Ascensus multiple times in the last week including yesterday and was told very strongly there is no other process than the one they've been doing and sending us a check and won't be. I haven't done the process yet so I don't know what forms look like yet.I don't know if something recently changed or if the person I talked to didn't know what she was talking about. She gave me the form I listed that had the language I listed (direct rollover to Fidelity). So I'm expecting that it will transfer electronically to Fidelity. According to the message above, someone on Reddit reported a new process and then someone here was told that was fake news. Did the form you filled out have the details and name I mentioned? If so, it's a different form.I'm so confused by this. I've been looking into all this for months. I've never heard of a third website. And are you saying that using this process they're going to transfer your investments in-kind from Ascensus to Fidelity? Or are they going to liquidate and transfer the funds to Fidelity so you'll still be out of the market for days, but just won't have to get a check and take it to Fidelity? Is this process an example of the new transfer process Ascensus told some people they were going to implement and you're just the first one who used it? Or was this just a rep giving different advice than all the others?...
Anyhow, she walked me through terminating myself as an employee and insisted this didn't terminate the plan but also insisted nothing would work without doing this. She walked me through creating accounts on THREE websites. There is a website to view your balances and rebalance as employee (us), a website for administrators and employees (also us) to make contributions, and a third website to make changes and make a distribution. Vanguard's archaic system had two websites, which is why many of us hated having our solo 401k's with them anyhow.
Sooooo...she emailed me the form called "payout request form", which sounds like it would be the wrong form. We do NOT want a distribution or taxable event here. However, there is a "rollover contributions" checkbox with information of direct distribution that explains this is "to directly roll over distributions to the following retirement plan" and asks for name of institution and account number (you have to have an account already set up at the new spot).
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Also, incidentally, others have mentioned that being out of the market is unavoidable (true). In my case, if it didn't take me 3 days to get a person to offer a non-check option, get off my ass to get the form into them, I would have missed on the $1500 my account grew in just the past three days. Of course, who knows what will happen until they get off their ass and do something, but there you have it.
The form, however, did not ask for more than an account number. They would need a routing number or more to wire or other electric transfer. So, that's concerning. I did talk to someone at Fidelity who confirmed they need more information and gave me her contact info for when the time comes that they need it.
I don't remember, tbh, what the third website is. It is something insight.com. It accepted my username and PW for the administrator website.
I do assume I'll be out of the market for a day or so, just like we were when it transferred from Vanguard. I mentioned it's a fascinating time given big increase in just past few days, But I don't think there's a way to avoid it. Honestly, that's the least of my worries with this mess.
SponsorInsight is just one of the basic 2 sites. That's the one where you log in as employer. And then there is a MyAscensus site where you log in as employee. What is the third one you're talking about?
Did they actually tell you they'd transfer your assets from Ascensus to Fidelity in-kind without liquidating them? Or are they selling all your investments and moving it all over as cash? Are you sure this is for restating your Solo 401(k) and not some other function?
I will be extremely surprised if this process goes through. You're the only person I've heard describe anything like this despite many people calling in often and trying to find any process like this.
I will keep everyone posted as soon as I get more information. Maybe others who have done it can chime in with the form/process they used to get a check and see if it's different?
Statistics: Posted by Conlina — Thu Sep 26, 2024 8:06 pm — Replies 1434 — Views 172206