What is a direct IRA rollover?
A direct rollover is a distribution from a qualified retirement plan such as a pension, profit-sharing, Keogh (HR-10), or 403(b) Tax-Sheltered Annuity program, which is sent on your behalf directly to a new trustee/custodian. A direct IRA rollover can be accomplished by asking the administrator of your qualified plan to make the distribution directly to the new trustee/custodian. Only one direct rollover from an IRA account to another IRA account is permitted in any one-year period. Values distributed from a qualified retirement plan, which are not directly rolled over into an eligible qualified plan or IRA are subject to a 20% federal withholding tax.
How can I move IRA assets to a different IRA account?
You may move IRA assets from an IRA or qualified plan through a transfer or a rollover. A direct transfer of cash or assets from an IRA or qualified plan to a new PT IRA account is generally tax-free and does not constitute a rollover. A rollover is a tax-free distribution of cash or assets from an IRA or qualified plan that you contribute to a new PT IRA account within a 60 day period to complete the rollover transaction. While the rules for rollovers and transfers differ, they accomplish similar objectives. Both rollovers and transfers facilitate the tax-free movement of IRA monies from one trustee or custodian to another.
One kind of IRA rollover involves moving monies from an existing IRA account to another IRA account, and another requires a distribution from a qualified pension, profit-sharing, or 403(b) tax-sheltered annuity plan. In either case, you have 60 days in which to complete the rollover. One IRA rollover per 12 calendar months is permitted.
Can I roll over an existing IRA with another broker to PT?
Yes. A rollover takes place when the IRA funds are paid directly to you and re-deposited (roll-over) into an IRA within 60 calendar days of receipt. The 60-day period begins the day after you receive the payment. A rollover transaction from an IRA may not occur more than once during a 12-month period. This 12-month rule applies to each separate IRA you own and is determined from the date the IRA funds are received. (The 12-month limitation does not apply if the funds are transferred directly from one financial organization into another or if they are rolled over or directly rolled over from a Qualified Plan into an IRA).
How do I move my current employer sponsored retirement plan to a Place Trade IRA?
Open a PT Rollover IRA and in the funding section a letter will be created that informs your benefits administrator that you would like to directly roll over your distribution into your PT Rollover IRA account. You will have to sign a form authorizing the move. Next, your employer will transfer your payout to your PT IRA account, or they will provide you with a check made out to PT. If the latter is the case, once you receive the check you should deposit it immediately into your PT Rollover IRA. The deposit must be within the time frame permitted under the Internal Revenue Code.
How do I transfer my existing IRA to a Place Trade IRA via ACATS?
It is easy to transfer your existing IRA to Place Trade and if you need assistance we will be happy to help you if you! You may set up an ACAT during the account application process or through Account Management. Place Trade uses the Automated Customer Account Transfer Service (ACATS) to transfer accounts via its clearing firm. The ACAT system is the National Securities Clearing Corporation's (NSCC) central processing system for the transfer of positions and accounts between brokerage firms that are participants of the NSCC's ACATS program. The NSCC's ACATS system enables your broker to enter, review and settle account transfers in a fully automated system. A request for an Automated Customer Account Transfer (ACAT) of assets must be sent to the receiving broker.
Please Note: Your PT account must be opened and approved before we will begin the ACAT process however you can set up the ACAT within the Funding section of the account application. Although the ACAT has been set up it will not be processed until your account has been fully approved and opened.
Under normal circumstances, an ACAT should take between four to eight business days. With some circumstances, such as an attempt to transfer unsettled funds, positions that are not paid in full, or restricted stock shares, this process could take longer. If you have not seen your account transfer completed (your assets in your Place Trade account) after 5 - 8 business days please give us a call at 1-919-719-7200 so that we may review and assist you with the process.
How do I set up an ACAT to transfer my account?
The ACAT feature is available under Account Management. Choose Deposit Instructions from the customer menu. You will be prompted to select the firm and account number at the firm. Please give us a call at 1-919-719-7200 and we will be happy to assist you.
How do I transfer my existing IRA to Place Trade through a non-ACATS method?
Place Trade provides paper transfer forms for IRA Rollover or Trustee-to-Trustee transfer. Both forms enable your existing broker to transfer your IRA funds by physical check or by wire transfer. Your PT account must be opened and approved before you begin transfer.
Under normal circumstances, the non-ACATS transfer methods should take between two to six weeks. The paper forms are available to print, complete, and mail to PT on our website by clicking IRA Rollover or Trustee-to-Trustee transfer.
How do I transfer my existing IRA from Place Trade?
If you wish to transfer your IRA account away from Place Trade to another broker, please call us and allow us the opportunity to do whatever we can to address any issues that may cause you to be unhappy with us and to move your account. We do not expect that you will be unhappy however if you are we want make sure that we know why you are unhappy and we want to do everything possible to see that you are happy. If you have spoken to someone at Place Trade and you are not satisfied with their response or have not found a resolution to your issue please call 1-919-719-7200 and ask to speak with Sarah Place directly regarding your concerns. (She will be happy to take your call!)
If you should decide to move your account you will need to contact your new broker to initiate the process. The new broker will submit the transfer out electronically via the Automated Customer Account Transfer Service (ACATS) program. Place Trade does not initiate the transfer out process.
What is the maximum amount allowed for an IRA transfer or rollover?
In most cases, there is no limit on the amount you may transfer or roll over into an IRA. You are simply moving the money from one type of retirement plan to another. You may transfer or roll over your IRA regardless of your age. However, if you are 70½ or older, you must receive a minimum required distribution (referred to as a Required Minimum Distribution or RMD) from your IRA each year. This should be taken into account in planning your rollover.
Limits do apply to multiple rollover transactions. You may receive an IRA distribution and roll the funds into another IRA once during a twelve-month period. This rule applies to each IRA separately and begins on the date funds are received.
Can I convert my traditional IRA to a Place Trade Roth IRA?
Can I rollover a distribution from my retirement plan through my employer into a Roth IRA?
Yes, it is possible to consider a rollover of funds from your retirement plan directly into a Roth IRA. Any amount rolled over is subject to the same rules for converting a traditional IRA into a Roth IRA. Also, the rollover contribution must meet the rollover requirements that apply to the specific type of retirement plan.
Can I rollover a 457 deferred compensation plan through my employer into an IRA when I leave my employer?
Yes! Balances in a government 457(b) deferred compensation plans are eligible to roll into an IRA.
Can I transfer my current pension plan to an IRA at Place Trade?
If you are self-employed and have set up your own self-directed retirement plan that offers investing flexibility, and have an independent administration firm which neither limits investment choices nor gives investment advice, this plan can be transferred into a retirement trust at PT through a Direct Rollover. To transfer funds via a Direct Rollover please fill out the attached form and mail it in to us. Please note that this form has our clearing firm's name on it because they will be handling the rollover process as our clearing agent.
Can I transfer between Place Trade IRA accounts?
Yes, PT supports internal funds transfers for accounts with a matching Account Type, Account Title, and tax ID. Requests may be submitted on the Funds Transfers page in Account Management >>> Funds Management. For additional information, see Internal Funds Transfer.