401(k) Rollovers FAQs
Who and what is my ‘custodian’?
Your custodian is the firm that is holding your retirement funds (such as Fidelity or Charles Schwab). Guidant is not your custodian.
When my funds are rolled, where do they go?
Your funds are rolled into your 401(k) bank account (this is at the bank of your choice). Guidant will never actually have possession of your funds; we will simply help you facilitate the rollover.
What type of rollover am I doing?
You are doing a direct rollover, where the funds are moved from one qualified plan (your current custodian) into a new qualified plan (your new corporation’s 401k Plan).
What forms will I need to do a rollover?
Your current custodian may require you to fill out a specific form. We will provide you with a generic Direct Rollover Request Form to fill out. You can write a letter to your custodian to request the funds if needed (that is called a ‘Letter of Acceptance’).
Do I need to complete the Direct Rollover Request Form and Letter of Acceptance?
Your custodian may not require any forms to initiate the rollover. If not, you won’t need to complete the Direct Rollover Request Form or Letter of Acceptance.
To whom do I send my Direct Rollover Request Form and Letter of Acceptance forms?
You’ll send these forms to your custodian (not to Guidant). You don’t need to send the forms if your custodian does not require a rollover form. If your custodian has a separate form that is specific for their firm, a Guidant representative can help you fill out the forms if needed.
What if my retirement funds are in more than one type of account?
You’ll want to request your funds to be consolidated into a liquid account such as a money market account. Talk to your custodian representative for instructions on how to do this.
Does Guidant roll over the funds for me?
No; Guidant has no authority to request the rollover on your behalf, however we can assist you on how to initiate the rollover with a bank.
Do my funds get rolled over to Guidant?
No; Guidant is not a custodian and does not manage your retirement funds.
What should I do once I receive my rollover check?
Once you receive your rollover check, you should deposit it directly into your new corporation 401(k) Plan bank account.
What should I do once my deposit is made?
After your deposit is made, wait until you’ve received your final documents from Guidant and schedule your second consultation with the attorney. After you complete the stock ledger with the attorney, you can transfer the funds from the 401(k) Plan bank account into the corporation operating bank account.
Can I roll over more funds than I originally planned?
Yes, however you’ll have to verify with the Outside Counsel team that the transaction is viable.
