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City of Chicago Deferred Compensation Direct Rollover/Transfer Request For Incoming Assets Please complete all sections of this form. All information on this document must be completed and returned

How to fill out direct rollovertransfer request

To fill out a direct rollovertransfer request, follow these steps:

1. Gather the necessary information: Collect all the details related to the direct rollovertransfer request, including the account information, contact information, and any specific instructions provided by the receiving institution.
2. Fill out the required forms: Obtain the direct rollovertransfer request form from your current retirement account provider. Fill in the necessary fields accurately, providing information such as your name, social security number, account number, and the receiving institution's details.
3. Specify the rollover amount: Indicate the specific amount you wish to transfer from your current retirement account to the receiving institution. Ensure that the requested amount follows the eligible rollover guidelines.
4. Provide instructions for the rollover: If you have any specific instructions for the rollover, such as investment preferences or account allocation, clearly communicate them in the request form. This will help ensure the rollover is processed according to your preferences.
5. Review and sign the form: Carefully review the completed direct rollovertransfer request form, ensuring that all the provided information is accurate and complete. Once satisfied, sign the form to authorize the rollovertransfer.
6. Submit the form: Send the completed and signed form to your current retirement account provider. Depending on their preferred submission method, you may need to mail the form to their designated address or submit it electronically through their online portal.

Who needs direct rollovertransfer request?

Individuals who wish to transfer funds from their current retirement account to another eligible retirement account, such as an Individual Retirement Account (IRA) or another employer-sponsored plan, may need to complete a direct rollovertransfer request. This request is typically required to initiate the process of moving retirement funds between accounts while avoiding potential tax consequences or penalties. It is advisable to consult with a financial advisor or the respective retirement account providers to determine if a direct rollovertransfer is suitable for your specific situation.

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What is direct rollovertransfer request?

Direct rollover/transfer request is a method of moving funds from one retirement account to another retirement account without the funds being distributed to the account holder.

Who is required to file direct rollovertransfer request?

Individuals who are looking to move funds from one retirement account to another retirement account without taking possession of the funds.

How to fill out direct rollovertransfer request?

To fill out a direct rollover/transfer request, the account holder needs to contact the financial institution managing the receiving account and request the necessary forms to initiate the transfer.

What is the purpose of direct rollovertransfer request?

The purpose of a direct rollover/transfer request is to avoid the tax consequences of taking possession of retirement funds before retirement age.

What information must be reported on direct rollovertransfer request?

The direct rollover/transfer request must include information about the sending and receiving accounts, as well as the amount of funds being transferred.