Self-employed 401k – How can I transfer my Thrift Savings Plan (TSP) to my Solo 401k?
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Solo 401k FAQ: How can I transfer my former employer plan (mine is a Thrift Savings Plan (TSP)) to my Solo 401k? It would be nice to have a few more trading options.
RESPONSE:
Great question!
If a Solo 401k owner has funds in in a former employer plan, the funds can certainly be rolled over to the solo 401(k).
We handle and guide our clients through that transfer process. As one might imagine, there are 100s of financial institutions and retirement account providers where our clients are transferring money from and each provider will typically have their own unique process.
For our Solo 401k clients, we can leverage all of this experience in helping 1000s of other clients rollover money to their solo 401(k) to make the process easy for new clients.
For the TSP specifically, while they used to have a form that needed to be completed they have more recently migrated to an online process that we guide our clients through to initiate the rollover. The transfer check is then sent to the Solo 401k owner who can then deposit the check into the account for the solo 401k. Once the funds clear, the solo 401k owner can start investing right away!
