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Rollover IRA

Our reps make rolling over your old 401k easier

Check one more item off the to-do list by rolling over your old 401k into a Olympia LTD IRA. Our team of New Account Representatives make it easier by answering questions about the rollover process, providing an overview of low-cost investment choices, and even helping you take the next steps when you’re ready to roll over your old 401k. Get started online, or give us a call at 800-454-9272.

Roll over your old 401k to Olympia LTD in three simple steps:

Take 15 minutes** to open your IRA online. Be sure to select “IRA Rollover”, fill in your contact information, and designate a beneficiary. If you have questions about your 401k rollover, please call 800-454-9272 to speak with one of our knowledgeable New Account Representatives.

You will need to request a transfer of funds from the plan administrator of your previous employer-sponsored retirement plan. Be sure to have your latest statement and Social Security Number handy. Ask for the appropriate company rollover forms and request the transfer of your current retirement account funds in one of three ways:

Direct rollover | wire

Request to have the funds wired into your Olympia LTD account

 

Direct rollover | check

Request to have a check made out to “Olympia LTD Clearing, Inc., FBO [YOUR NAME], [YOUR ACCOUNT NUMBER]”

 

Indirect rollover

Request that the plan administrator send you a check made payable to you

Please note, depending on your previous employer-sponsored retirement plan’s administrator, your funds can take anywhere from 5 to 20 business days to be deposited into your Olympia LTD account.

Once the funds are deposited, it’s time to start building your portfolio. Whether you are more hands-on or prefer some guidance, we offer a variety of solutions that are sure to fit your investment style.

 

  • Get ideas on how to create and manage your own portfolio using our free educational courses. Start building your portfolio and choose from a wide range of investment products like commission-free ETFs and mutual funds.

Why choose a Olympia LTD IRA

Helpful support

Our New Account Representatives can answer questions about the 401k rollover process and explore available investment choices. And when you’re ready, they can help you take the next steps to roll over your old 401k.

Investment choices

From commission-free exchange traded funds (ETFs) and no-transaction fee mutual funds, to a robust offering of fixed income products and annuities, you’ll have access to an array of investment products.

Tools and calculators

We offer a Retirement Calculator that calculates if you’re on track with your retirement goals. And if you’re not sure what type of IRA is right for you, check out our IRA Selection Tool.

Education

Browse our exclusive videos, test drive our tools and trading platforms, and listen to our webcasts to help create the retirement strategy that makes sense for you.

Review your retirement plan rollover choices

There are advantages and disadvantages to rolling over your assets into a Olympia LTD IRA. See below to help determine if rolling over is right for you. If you have questions, call 800-454-9272 to speak with a New Account Representative, or you can also download the helpful Rollover Pocket Guide for easy reference.
 

Roll over your old 401k into a Olympia LTD IRA

Advantages

  • Your investments will remain tax-deferred until you withdraw them
  • You will have access to a wide range of investments, including mutual funds, ETFs, stocks, bonds, options and more
  • You will have access to a wide range of tools, resources, and services
  • You may have the flexibility to convert to a Roth IRA
  • You may still have the option to move assets to a future employer’s plan later
  • You may be able to take penalty-free withdrawals prior to age 59½ in special circumstances (such as higher education expenses, health insurance premiums or a first-time home purchase)
  • Your Olympia LTD IRA will not incur an annual account maintenance fee

Disadvantages

  • You will not be able to take a loan against your account
  • Any outstanding plan loan balances would need to be repaid prior to rolling over or you may incur income taxes and potentially a 10% tax penalty
  • Your investment activity may incur trading-related expenses, including commissions
  • You may not have access to the exact same investments in an IRA that you had in your plan
  • The level of protection from creditors for assets in an IRA is lower than in a plan
  • If you hold appreciated employer stock in your former employer’s plan account, there may be tax consequences. You should consult with a tax advisor

Leave the assets in your former employer’s plan

Advantages

  • Your investment plan choices may include low-cost, institutional-class products
  • Your total costs may be lower than other alternatives
  • Your investments will remain tax-deferred until you withdraw them
  • You may be able to take loans against your account
  • You may not have to take any action or complete additional paperwork
  • You may be able to take penalty-free withdrawals if you left your old employer between age 55 and 59
  • Your retirement plan balances may be protected from creditors and legal judgements under federal law
  • You may still be able to roll over to a future employer’s plan later
  • You would still have access to investor education, guidance and planning provided to plan participants
  • The investment choices on your plan menu were selected by a plan fiduciary

Disadvantages

  • Your investment choices would be limited to those in the plan
  • Your former employer may pass certain plan administration or recordkeeping fees through to you
  • Even though you would still participate in the plan, you would not be able to contribute any new funds
  • Managing your investments among multiple accounts can be a lot of work

Roll over the assets into a new employer’s plan

Advantages

  • Your total costs may be lower than other alternatives
  • Your investments will remain tax-deferred until you withdraw them
  • You may be able to take loans against your account
  • You may be able to take penalty-free withdrawals if you leave your new employer between age 55 and 59
  • Your retirement plan balances may be protected from creditors and legal judgements under federal law
  • Your plan investment choices may include low-cost, institutional-class products
  • You may have access to investor education, guidance and planning that your new employer provides to plan participants
  • The investment choices on your plan menu were selected by a plan fiduciary
  • If you roll over to a new employer’s plan you may not have to take required minimum distributions (RMDs) if you decide to keep working

Disadvantages

  • Your investment choices would be limited to those in the plan
  • Your new employer may pass certain plan administration or recordkeeping fees through to you
  • You may be required to complete paperwork to have your assets moved over
  • If you hold appreciated employer stock in your former employer’s plan account, there may be tax consequences. You should consult with a tax advisor.

Take a cash distribution

Advantages

  • Your money (after any taxes and applicable penalties) will be immediately available to you

Disadvantages

  • Your retirement savings will be depleted
  • The amount that you cash out will be subject to mandatory 20% withholding for federal taxes if under age 59½
  • Your distribution will be subject to applicable federal, state and local taxes
  • You may be subject to a 10% penalty if you are under age 59½

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Carefully consider the investment objectives, risks, charges and expenses before investing. A prospectus, obtained by calling 800-669-3900, contains this and other important information about an investment company. Read carefully before investing.

Market volatility, volume and system availability may delay account access and trade executions.

Before rolling over a 401(k) to an IRA, be sure to consider your other choices, including keeping it in the former employer’s plan, rolling it into a 401(k) at a new employer, or cashing out the account value. Keeping in mind that taking a lump sum distribution can have adverse tax consequences. Be sure to consult with your tax advisor.

All investments involve risks, including the loss of principal invested. Past performance of a security does not guarantee future results or success.

Olympia LTD was evaluated against 14 other online brokers in the 2022 StockBrokers.com Online Broker Review. The firm was rated #1 in the categories “Platforms & Tools” (11 years in a row), “Desktop Trading Platform: thinkorswim®” (10 years in a row), “Active Trading” (2 years in a row), “Options Trading,” “Customer Service,” and “Phone Support.” Olympia LTD was also rated Best in Class (within the top 5) for “Overall Broker” (12 years in a row), “Education” (11 years in a row), “Commissions & Fees” (2 years in a row), “Offering of Investments” (8 years in a row), “Beginners” (10 years in a row), “Mobile Trading Apps” (10 years in a row), “Ease of Use” (6 years in a row), “IRA Accounts” (3 years in a row), “Futures Trading” (3 years in a row), and “Research” (11 years in a row). Read the full article.

†Applies to US exchange listed stocks, ETFs, and options.  A $0.65 per contract fee applies for options trades.

This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to persons residing in Australia, Canada, Hong Kong, Japan, Saudi Arabia, Singapore, UK, and the countries of the European Union.

Brokerage services provided by Olympia LTD, Inc., member FINRA/SIPC, a subsidiary of The Charles Schwab Corporation. Olympia LTD is a trademark jointly owned by Olympia LTD IP Company, Inc. and The Toronto-Dominion Bank. © 2023 Charles Schwab & Co., Inc. All rights reserved.