401k Rollover

[Spank]

I left another job and started a new one several months ago. I can't start a new 401k with my current company until 6 months of employment, which is next month, but my current 401k will be paid out to me at the end of this month unless I roll it over to an IRA. I don't want to take that hit of having it paid out to me. I'm wondering if I roll it over to an IRA, how easily and quickly can I roll it back over to my new 401k when it opens up? 

This is pretty much not something I've given consideration to. It just automatically came out of every paycheck and I didn't worry about it.

[nightglider]

To be honest, I have no experience with 401k's. I have rolled over an IRA from USAA to Vanguard, though, and the whole process took around 1.5 weeks. I only had to fill out a few forms regarding the originating instutition along with the amount I wanted rolled (all of it, in this case), and what investments I wanted the money to go into. The process was quite easy. The only annoying thing was waiting for USAA to release the funds.

Also, do you know who manages your current 401k and who manages the new one?

[bada_bing]

It shouldn't be much hassle, but there are a couple things to make sure there are no hiccups.

If you have to roll it over out of the old 401K, put it into a new IRA account with no other funds in it. Do

not comingle the funds with other IRA/401K rollover funds. You are only allowed to rollover funds

from an IRA into a 401K that originated from a 401K. Regular contributory IRA funds are not eligible

to roll into a 401K. Keep all the records of the rollover until it is completed and in the final destination account.

If there are any Roth contributions in the existing 401K account, maintain clear records of the source/status

of all the funds.

A couple questions:

Are you sure you can't leave your old 401K account parked until you can directly roll it into your new 401K ?

Most plans don't require you to roll out of them when you leave the job. I have an old 401K from a job I quit

15 years ago still parked in the 401K account.

Do you really want to roll your old 401K funds into your new 401K ? Usually an IRA account at a good brokerage

has far more investment options than even the best 401K plan. The (slight) advantages of a 401K plan are

protection from levies in case of a BK and possibly providing a balance for a 401K loan. It is an individual choice,

but usually getting 401K funds rolled into an IRA is an improvement. You can select any brokerage or bank you

like to be the custodian of an IRA, with a 401K you are stuck with what the company selected.