Where do I start a rollover if my old 401(k) is with Principal, Voya, Gusto, or Ascensus?
Summary
Log in to the participant site first; each of these companies starts the rollover there or on its participant phone line. What you're allowed to do still comes from your former employer's plan, which is why Ascensus, for one, sends you to a Plan Highlights page to see the rules.
Where each one starts
| Recordkeeper | Starting point | Published timing |
|---|---|---|
| Principal | "Login to start your rollover," or 800-247-8000, ext. 2331 for former employees | Typically 2 to 4 weeks |
| Voya | Account login on voya.com, or 800-584-6001 for existing plan participants (8 a.m. to 9 p.m. ET, weekdays) | Not stated on the public pages |
| Gusto (formerly Guideline) | A banner on the retirement dashboard, then "View options"; distribution line (888) 498-2766 | 7 to 10 business days to process; 10 to 12 business days for a check to reach a new institution |
| Ascensus | The employee website; if that isn't available, a form from your employer | 5 to 10 business days for withdrawals |
Notes that change what you'll see
Principal asks former employees to tell it their choice "even if it is to stay in the plan." Its four choices are rolling to an IRA, keeping the money where it is, moving to a new employer's plan, and cashing out.
Guideline is now part of Gusto, and its help center goes by Gusto Retirement. The banner that starts a rollover only appears once you're eligible, and Gusto says "the employer will need to update your employment status to 'terminated' in payroll before you'll be eligible." Rollover checks come by USPS from the custodian, Benefit Trust Company.
Ascensus uses "distributions" to mean both withdrawals and rollovers to another institution. Former Newport and PAi users log in through a different link.
Voya's public site confirms it supports 401(k)-to-IRA rollovers, but outside the participant phone line and the login it does not list the steps or a processing time. The table's "Not stated" entry for Voya reflects that, not a delay.
Capitalize and Inspira aren't your plan
Capitalize is a service that says it will find, consolidate, and roll over old accounts for free. It isn't a retirement plan or an IRA custodian, and it says it is paid "by our IRA partners if you choose to open a new account."
Inspira Financial is where some former employers send balances when they can't reach the owner. Its page tells account owners that the former employer "directed us to move your money into an IRA and preserve the tax-advantaged status of your funds," and that the balance starts out in FDIC-insured, interest-bearing bank accounts. After you claim the account, you can keep it with Inspira, move it to your current 401(k) if that plan accepts IRA rollovers, transfer it to another IRA provider, or withdraw it.
Sources
- https://www.principal.com/individuals/invest-retire/individual-retirement-account/rollover-ira
- https://www.principal.com/youroptions
- https://www.voya.com/
- https://www.voya.com/contact-us
- https://help.guideline.com/en/articles/12694322-guideline-has-joined-gusto-faqs-about-our-recent-acquisition
- https://help.guideline.com/en/articles/8640679-how-do-i-move-money-out-of-gusto-retirement
- https://help.guideline.com/en/articles/8640532-how-long-will-my-withdrawal-or-rollover-distribution-request-take
- https://www.ascensus.com/support/distributions/
- https://www.hicapitalize.com/
- https://inspirafinancial.com/individual/retirement-wealth/automatic-rollover-accounts
- https://inspirafinancial.com/individual/resources-education/faqs/wealth-retirement/automatic-rollover-iras
Written by Kaz, an independent publisher.
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