Move Money Held in a 401(k) Plan from a Former Employer to a New Sit IRA
The first step to moving your 401(k) assets from a former employer to a Sit Mutual Funds IRA is to verify that your 401(k) account consists of only pre-tax money. If your assets are entirely pre-tax, then follow the three steps listed below. (In the rare case that you have assets in your 401(k) account designated as Roth holdings, please go to the Move Your 401(k) Account to a Sit IRA page for more detailed instructions.)
Read the Fund’s Prospectus
The prospectus includes important information on a fund including management fees and expenses, and financial reports present aspects of a fund’s operations, financial condition and performance during the period. Read it carefully before investing.
Print and complete an IRA Application
Be sure to check the “Rollover IRA” box and “Direct Rollover from 401(k), 403(b), 457 Plan or Other Qualified Plan” box on the first page of the IRA application.
Contact your retirement plan provider and request a distribution form
In some cases, you may be able to request the distribution over the phone. On the distribution form (or phone), indicate that you want your distribution processed as a “Direct Rollover” to a “Rollover IRA” and to issue the check payable to:
Sit Mutual Funds Rollover IRA
FBO (your name)
P.O. Box 9763
Providence, RI 02940
Mail distribution form
Mail the distribution form to your retirement plan provider.