need help filling 401k rollover form

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Topic Author
lepa71
Posts: 444
Joined: Sat Mar 05, 2016 5:12 pm

need help filling 401k rollover form

Post by lepa71 »

Hi all
I'm trying to roll over money from Principal to Schwab. I got an acceptance letter from Schwab( retirement focus). This is whom my new employer uses.
It shows this:
The rollover check should be made payable to:
CSTC FBO DDM
Account #12345
F/C (participant name)

The check should be mailed to:
Charles Schwab Trust Company
Attn: RBS Cash Management
P.O. Box 81686
Austin, TX 78708

Instructions say that I should initiate it from the Principal side but when I get to distribution I see options like
Mailed directly to a financial institution
Receiving financial institution name ____________________________

This is who we'll make the check out to--we'll add your name automatically.
____________________________________________(FBO LEONID GRINBERG)
Receiving financial institution account number.FYI, it's not your debit card number. Be sure to include any zeros. More information regarding account number
________________________
Address line 1
________________________
Address line 2 (optional)
________________________
City
________________________
State
________________________
ZIP code
________________________
The confusion is that mailed to and made payable to are the same but one is abbreviated and another is not. The FBO is to DDM with F/C <my name>( which is a new employer abbreviation). I spoke with Schwab and it seems that the account number is a dedicated id assigned to this transaction. IS IT?

The other option below has an additional "Addressed to" field and the rest of the fields are the same.
Mailed to another person or entity, check made payable to a financial institution
Addressed to _______________________________________
Receiving financial institution name ____________________________

This is who we'll make the check out to--we'll add your name automatically.
____________________________________________(FBO LEONID GRINBERG)
Receiving financial institution account number.FYI, it's not your debit card number. Be sure to include any zeros. More information regarding account number
________________________
Address line 1
________________________
Address line 2 (optional)
________________________
City
________________________
State
________________________
ZIP code
________________________
So the question what goes on the check and what goes on the envelope?

Any help is appreciated.

ps. Principal customer service at least had a specialty department for trying to help but RetirmentFocus was not. I did roll over last year from Vanguard into Principal and it was much simpler as they assigned a person to walk me through all the way. Of course, I did roll over $100K into Principal at that time.
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David Jay
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Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

Re: need help filling 401k rollover form

Post by David Jay »

The two options (see the bold title of each) are to send the check to a financial institution or send the check to a person. Clearly you want to use the first option - send check to a financial institution.
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
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CAsage
Posts: 2394
Joined: Sun Mar 27, 2016 6:25 pm

Re: need help filling 401k rollover form

Post by CAsage »

I'd spell it out, I'm sure Charles Schwab can make it work. And you do have an extra address line to play with...
Last edited by CAsage on Wed Jun 22, 2022 9:58 am, edited 1 time in total.
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Topic Author
lepa71
Posts: 444
Joined: Sat Mar 05, 2016 5:12 pm

Re: need help filling 401k rollover form

Post by lepa71 »

David Jay wrote: Wed Jun 22, 2022 8:24 am The two options (see the bold title of each) are to send the check to a financial institution or send the check to a person. Clearly you want to use the first option - send check to a financial institution.
2nd option says to a person or entity.
My problem was that I can't fit in "Attn: RBS Cash Management " and "Charles Schwab Trust Company "

I called 2 times to Principal and 2nd rep. said to use 2nd option and put "Charles Schwab Trust Company" to "Addressed to" and "Attn: RBS Cash Management " on address line 1, "PO BOX" in address line 2.
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