Investing - Theory, News & General • Vanguard to Exit Individual 401(k), Multi-SEP, and SIMPLE IRA Plans With Ascensus Deal

I am filling out the Transfer of Assets form Fidelity requires and the new Ascnesus form mentioned above. When I called Fidelty they told me I could sent them both to them, and there is at least one person recently upthread who states that Fidelity was able to do the transfer for them since the new Ascensus form has come out; that said, I have called Fidelity numerous times since July and the Fidelity rep I spoke with seemed the last knowledgable out of all of the Fidelity reps I have spoken to, so if anyone who has successfully recently made this transfer has info on what works best, please let us know!

The Fidelty rep also told me to send the forms to the mailing address on the transfer of assets form. I asked about sending to the overnight address and he told me that since that is not on the form, he could not guarantee I can use that address. I think some here have used that address to get the transfer of assets form to Fidelity and it was fine?

Also, can anyone who confirm on the Transfer of Assets form to Fidelity, for Account Owner/Entity name do I put my name, my business name, or both? I did call Fidelity, but did not get a real answer.

The funds transfer showed up in my Fidelity account this week! This has been a months-long ordeal and I'm glad it's over.

• On the Fidelity TOA form, the account owner/entity name I used was "My First & Last Name" / "My Business's Name"

• For account types, I checked 'Other' and typed in "Self-employed 401K"

• On the Ascensus form, the new investment provider name I used was "Fidelity Management Trust Company, FBO My Name"

• I had the check overnighted to: Fidelity Investments, Attn: TOA, 100 Crosby Parkway, Mailzone KC1A, Covington, KY 41015. You should be able to find this address on Fidelity's TOA form and on the Fidelity website.

• I uploaded the completed forms and an Ascensus balance summary to the Fidelity portal, but I'm pretty certain Ascensus liquidated my account and initiated the transfer.

I sent the new transfer form to Ascensus around Oct 8. Late last week I noticed that my Ascensus account had a zero balance, and the check arrived at Fidelity around Oct 21. Now I have an uncomfortable amount of cash sitting and waiting to be re-invested, which is not a terrible problem.

Thank you for the update. Congratulations! I'm sure some of us envy you, while hoping to join you very soon.

You used the new "Deconversion" Ascensus form? If you did, I think you're the first person I've seen who used it and completed the process. So you are proof that the new form does work? Please confirm you did this with that form, no terminating the employee, no "Payout Request" form or any of that.

So you emailed the Transfer/Deconversion form to requests@ascensus.com on October 8 and it took them what, like 10 days before they liquidated your account? Or did you possibly just not check the account for a few days and it may have been liquidated days before? I'm curious how long it takes them from when you submit the form to when they liquidate.

If there's anything else you can share about your steps along the way with this process with Ascensus I'd be curious. When you submit the form, do you get any email confirmation that Ascensus got the form and it's correct? Or was it just silent for over a week as you wondered if they received the form until you noticed your account was at $0?

Also, do you know if Ascensus still plans to issue a 1099 if we do the transfer using this new form as they were doing using their previous process? Or have we escaped that mess of the unnecessary 1099 by using the new transfer form?

Thank you for returning to report back from the other side where we all hope to go!

Statistics: Posted by GoldenBear17 — Wed Oct 23, 2024 12:13 am — Replies 1564 — Views 185612

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