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How do you roll over a profit sharing plan?

I need to roll over a profit sharing plan.

asked by lgh (9)

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answers

A profit sharing plan would probably require that you obtain a distribution from your profit sharing plan that goes directly into another investment retirement account like an IRA.

7 votes

Contact your Human Resources or the the plan administrator for your PSP and get a "rollover paperwork kit" and take it to one of the major financial institutions such as Fidelity, Chase, or Bank of America and open a Traditional IRA. Have the PSP check made out to the institution for your benefit.

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posted by Lisa92 (49)
7 votes

Talk to the person who normally handles your investments. They can roll it over. You can also talk to someone where you normally bank, as most banks & credit unions have investment personnel on staff.

6 votes

You need to gather some information. You need to know you account number and who handles your profit sharing plan. To roll it over you have to call who ever handles the profit sharing plan your job has now. If you aren't employed then your bank can roll it over into an IRA.

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posted by dcasto (18)
5 votes

This really depends on how the money was treated when it was originally contributed. If the money was put in pre-tax by your employer (which is probably the case), then it would be treated like a retirement account and be able to be rolled into an IRA.

4 votes

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