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.
Instructions for a withdrawal or rollover from your account:
Complete the distribution-form.pdf and email to [email protected]
See the "Special Tax Notice" at the end of the form for more information about distribution types, rollovers, and taxes.
To withdraw your balance and get a check mailed to you:
Check "Send check to my mailing address..." under Payment Method on page 2.
To withdraw your balance and get an ACH transfer:
Check "Direct Deposit to..." under Payment Method on page 2.
Provide your bank account instructions in the "ACH Direct Deposit Authorization Agreement" section.
To rollover to another retirement account:
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 sent to another Traditional 401(k) or IRA account.
Roth 401(k) (after-tax) assets can only be sent to another Roth 401(k) or Roth IRA account.
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.
Contact the company that manages your new account to get their rollover instructions.
Once you have that, check "Direct Rollover to ..." under Payment Method on page 2.
Provide the rollover instructions from your new account in the Direct Rollover Instructions section.
To have a rollover check mailed to yourself:
Put the financial institution your new account is with under “Make check out 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”
Once your form has been received, you'll receive a confirmation email.
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 account number, that your bank account or new rollover account requires.
Rollovers from 401(k) accounts cannot be transferred via wire or ACH.
Please contact [email protected] if there's an issue with your distribution or rollover.