Question: If I give the go ahead to open Solo 401k, how long will it take? The funds will be transferred from Vanguard IRA to Self-Directed Solo 401k with checkbook control.Have you run into any problems with Vanguard transferring the IRA money into a Self-Directed Solo 401k checkbook control account?
I am assuming that you will give me guidance on how to set up the Checking account for my Solo 401k at my local bank.
Thanks,
Mike
Answer: Just like Fidelity, Vanguard understands the IRA to Solo 401k direct rollover rules. Even though Vanguard only requires IRA direct rollover form, which we provide as part of our Solo 401k establishment forms, to process Vanguard IRA rollover to Solo 401k, which Vanguard generally turns around in 3 days, we also provide Vanguard IRA to Solo 401k rollover cover letter to our new Solo 401k clients. We have found that the IRA direct rollover form along with our cover letter guarantees efficient processing of IRA direct rollover to Solo 401k checkbook control.
As your Solo 401k provider, we will provide banking guide that explains the Solo 401k checking account process to take to your local bank. We have also put together the following blog regarding the checking account process, which can be accessed through our Google Blogger page: Here’s the link:
http://www.mysolo401k.blogspot.com/2012/04/solo-401k-checkbook-control-explained.html
We can also speak with your local banker directly if necessary.
Lastly, it only takes us 24 hours to prepare the IRS approved Solo 401k trust documents which e-mail to the client.
