Solo 401k transfer to Vanguard?

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pkjr
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Joined: Thu Aug 09, 2018 7:01 am

Solo 401k transfer to Vanguard?

Post by pkjr »

I have read on BH that I cannot do rollovers into Vanguard.
Can I transfer solo 401k from another broker to Vanguard? If not, can I open another one in Vanguard?

Thank you

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leeks
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Re: Solo 401k transfer to Vanguard?

Post by leeks »

Yes, you can transfer a solo 401k from another broker to Vanguard. You can't do it all online, you will have to print and mail the paperwork. When you call, they will walk you through it.

Lafder
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Re: Solo 401k transfer to Vanguard?

Post by Lafder »

What you can not do is transfer other retirement accounts into a Vanguard solo401k.

That is why I moved my Vanguard solo401k to Fidelity so I could consolidate my rollover IRA and SEP into my solo401k.

You should also look at the ERs of Vanguard vs Fidelity. It turned out Fidelity has lower ER funds available for solo401k than Vanguard so I ended up with consolidated accounts and lower expenses at Fidelity.

I do not know the answer to your question of whether you can move a solo401k from somewhere else to Vanguard. But it should be easy to get that question answered at VG.

lafder

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pkjr
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Re: Solo 401k transfer to Vanguard?

Post by pkjr »

Lafder wrote: ↑Sat Mar 09, 2019 10:30 pm What you can not do is transfer other retirement accounts into a Vanguard solo401k.

That is why I moved my Vanguard solo401k to Fidelity so I could consolidate my rollover IRA and SEP into my solo401k.

You should also look at the ERs of Vanguard vs Fidelity. It turned out Fidelity has lower ER funds available for solo401k than Vanguard so I ended up with consolidated accounts and lower expenses at Fidelity.

I do not know the answer to your question of whether you can move a solo401k from somewhere else to Vanguard. But it should be easy to get that question answered at VG.

lafder

I kind of assumed that VG has in most cases lower ER with exception of zero funds. That's a good reminder to double check it.

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pkjr
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Re: Solo 401k transfer to Vanguard?

Post by pkjr »

leeks wrote: ↑Sat Mar 09, 2019 9:50 pm Yes, you can transfer a solo 401k from another broker to Vanguard. You can't do it all online, you will have to print and mail the paperwork. When you call, they will walk you through it.

Thank you I'll call them on Monday.

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pkjr
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Re: Solo 401k transfer to Vanguard?

Post by pkjr »

Is it still the case w/ VG that you can't buy shares online in solo 401k and you need to call in to start a transaction?

Spirit Rider
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Re: Solo 401k transfer to Vanguard?

Post by Spirit Rider »

You can not have two one participant 401k plans at the same time.

You can't simply rollover your one-participant 401k account from one custodian to another. It is a 401k plan. The plan itself must transfer and all accounts/assets must transfer.

You do this by amending your plan to the new provider using that option on their adoption agreement, open the account (s) and then do a trustee - trustee transfer.

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CalPoppy
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Re: Solo 401k transfer to Vanguard?

Post by CalPoppy »

pkjr wrote: ↑Sun Mar 10, 2019 9:48 am Is it still the case w/ VG that you can't buy shares online in solo 401k and you need to call in to start a transaction?

You can buy shares online. That and all other plan management is done via Vanguard's small business website.

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leeks
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Re: Solo 401k transfer to Vanguard?

Post by leeks »

pkjr wrote: ↑Sun Mar 10, 2019 9:48 am Is it still the case w/ VG that you can't buy shares online in solo 401k and you need to call in to start a transaction?

No, you can make contributions and trade between mutual funds online at Vanguard. You do have to select the mutual funds you want to use when setting up the account (it has space for four on the form, that was enough for me but I think you just attach another page if you want more). To add more mutual funds, you do have to call. But if you want to contribute to the ones you already selected no call is necessary.

The Fidelity individual 401k is the one that does not allow online contributions. You have to mail a check. Or, if you want to transfer the money in from another Fidelity account you can do it by phone.