Most 401(k) plans only allow you to take money out of your account, either as a withdrawal or rollover, if you are at least 59.5 years old or if you are no longer employed by your company.
Check the Summary Plan Description under My Documents to see what your 401(k) plan allows.
To take money out, withdraw, rollover, or transfer the balance from your OctaveWealth account, follow the below instructions.
For rollovers: obtain instructions from the receiving account before filling out the below form. You'll need to know who to make the rollover check payable to, mailing address, and rollover account number. Login to your account to see what your balance is and whether you have pre-tax assets, Roth (after-tax), or both.
See Special Tax Notice.pdf for more information about distribution types and taxes.
How to withdraw or rollover from your account:
Complete the form
Complete the form via Docusign at Distribution Election Form
You'll be emailed a verification code by Docusign for security purposes before you can get started.
Fill out your personal information
Employer/Company: the employer your OctaveWealth 401(k) account is offered through.
SSN and date of birth: required for tax reporting purposes.
Hire date: the date you were hired by the employer your 401(k) account is offered through.
Mailing Address: where your 1099-R will be sent to.
Email and Phone: how you can be contacted if there are any issues with your form or distribution.
Reason for Distribution
Termination of employment: select if you no longer work for the employer your 401(k) was offered through. This is the most common reason.
Retirement age: select if you've reached age 59.5 or more.
Auto-enrollment refund: select if you want a refund of your auto-enrollment and it's within 90 days of the first auto-enrolled contribution.
Over-contribution refund: select if you exceeded the IRS allowed 401(k) contribution limit for the calendar year and want a refund of the excess.
Plan Termination: only select if your Employer is shutting down the 401(k) plan for everyone in the company. Don't select if your employment has terminated but your Employer hasn't shut down the whole plan.
Disability: select if you have a qualifying disability within the meaning of Section 72(m)(7) of the Internal Revenue Code and your employment hasn't terminated or you haven't reached retirement age.
Beneficiary of Participant upon Participant’s Death: select if completed by the Beneficiary of a participant upon the death of the participant.
Qualified Domestic Relations Order (QDRO): select if payment is to be made to an alternate payee account under QDRO.
Distribution Amount
Full Payout: your entire vested account balance will be distributed.
Partial Payout Amount: only the amount you indicated will be distributed and will be taken proportionately across all your investment holdings equally. Not an option for terminated employees who have a vested account balance less than $5,000.
Payment Method
Withdrawal by check: payable to yourself, sent to the mailing address indicated on the first page of the form. May be subject to tax withholdings and penalties.
Withdrawal by ACH: payable to yourself, sent to the bank account in the following ACH Direct Deposit Authorization. May be subject to tax withholdings and penalties.
Rollover: payable to 401(k), IRA, Roth IRA, or other Qualified Retirement Account, sent by check to the following Rollover Instructions. Not available through ACH. Not subject to tax withholdings and penalties.
Rollover Instructions
Login to your account to see what your balance is and whether you have pre-tax assets, Roth (after-tax), or both.
Traditional 401(k) (pre-tax) assets can only be rolled-over to a Traditional 401(k) or IRA.
Roth 401(k) (after-tax) assets can only be rolled-over to a Roth 401(k) or Roth IRA.
Employer contributions are always pre-tax.
You could have both pre-tax and after-tax assets if you only made Roth 401(k) contributions but your employer made contributions.
Obtain instructions from the receiving account before filling out this form, including check payable to, mailing address, and rollover account number.
Provide the rollover instructions from your new account(s) in the pre-tax and Roth sections, where applicable.
To mail a rollover check to yourself:
Put the financial institution your new account is with under “Check payable to” (i.e. Fidelity, Schwab, etc.)
Put your full name in “FBO”
Put your mailing address in “Address”
Put your rollover account number in “Memo”
Signature
Once you've completed all required fields and signed, a copy will be automatically sent to OctaveWealth and yourself.
Processing timeline
Processing typically takes about 2 weeks, though these timelines can vary and it can take another 7-10 business days for check delivery.
Please note, there may be delays in processing if specific information is not included that your bank account or new rollover account requires, which can include their account number. In cases where they cannot accept your deposit or rollover, it may be returned.
Important notes
Please ensure you include all the information, including the account number that your receiving rollover account requires.
Rollovers from 401(k) accounts cannot be transferred through ACH and can only be issued as a check.
Rollover and distribution checks expire after 180 days.
Please contact [email protected] if there's an issue with your distribution or rollover.