Rollover timeframe
Hi,
I would like to roll my 401(a) balance to a new IRA. The new IRA only will contain 401(a) money. After it’s in an IRA, must I wait 12 months to potentially roll it to my employer’s 457 plan? Not sure if the 12 month waiting period applies here … I don’t think it does but wanted to be sure.
Thanks!
Permalink Submitted by Alan Spross on Tue, 2010-11-30 04:16
You are correct. There is no further waiting period because the initial transfer from the employer plan to the IRA does NOT count as a rollover with respect to one rollover per 12 month period. For that matter, neither does the second rollover out of the IRA. The waiting period only applies to IRA to IRA rollovers.