How do I initiate a rollover by myself?

Rolling over your old 401(k) or 403(b) to Carbon Collective is a great way to get some of your retirement savings aligned with your values around solving climate change.

The process generally takes 10 – 20 minutes, but can vary based on call wait times. We are here to help, please email us if you run into any issues.

 

Here's a quick outline on the steps you'll want to take! For more detail, keep reading below.

1. Find out how your provider initiates rollovers.
   1. You can always call your provider.
   2. Some providers allow you to initiate a rollover through their online portal.
2. Gather all the info you need.
   1. You will need to know who your provider is, your SSN, and your Altruist account number.
3. Ask for a "direct rollover" out of your account.
4. Choose how to send your funds.
   
   1. You can generally send via check or wire.
   2. Your institution will send you the funds via check generally directly to Altruist.
   3. Some providers must send the check to your address on file. Once you receive it, you will need to forward the check to Altruist. 
   4. Make sure the check details are correct. 

1. Find out how your provider initiates rollovers

The most common way to successfully rollover funds is by calling your provider. However, some providers do allow you to request a rollover online. If you have a login to your provider's platform, look for words like "Rollover," "Withdrawal," or "Distribution." Follow any steps it asks you to complete the request. If it seems unclear, we recommend calling your provider. 

A few providers we know of that allow online rollovers include the following:

• Capital Group / American Funds
• Cuna Mutual
• JP Morgan Chase
• T. Rowe
  • Some plans allow for an online rollover: Take Action -> Bottom option start a withdrawal or roll over 
• Transamerica
• Vestwell

If you're unable to find your provider listed here or if you can't find a way to start a rollover from their website, it's best to give them a call. Don't worry, we've got you covered with a list of common phone numbers and helpful tips on what to say during your conversation. Keep reading to find the information you need.

2. Gather the information you'll need

When transferring accounts, there's some info you'll want to have on hand.

Most providers will need to verify your identity. It's a good idea to be prepared with the following:

• your name
• your SSN
• Some providers may also ask you to answer a security question or read a security code sent to your phone number on file with them. 
• You'll want to have your provider's phone number
  • If you think you're not sure who your provider is or might have other 401(k)s you'd like to rollover, use this 401(k) Finder Tool from Capitalize.

Contact the Institution holding your account

In order to rollover, you'll want to contact the institution that holds your account. See below for some of the most common institutions and their corresponding 1-800 number.

If you don't see your institution's number, you can usually find it in a quick Google search.

• Fidelity (1-800-343-3548)
  Fidelity will not send a check directly. They will insist they send it to you and you forward it to them.
• Vanguard (1-800-523-1188)
• Charles Schwab (1-800-724-7526)

3. Calling your provider

The call itself usually takes about 10-15 minutes, but wait times to talk to an agent can be quite long, so we recommend blocking off between 30 minutes to 1 hour.

Once you're able to get in touch with a representative, you will be asked to verify your identity.

Request a “Direct Rollover”

When you get on the phone, ask the agent for a “Direct Rollover” out of your account.

Transfer the funds

They will ask you how you would like to transfer the funds. You generally  have two options: through check or wire. Sending a check is generally free, but will take 2-4 weeks. A wire can happen the next business day, but there is sometimes a wire transfer fee (~$25).

Note: Funds must successfully transfer within 60 days in order to avoid an early withdrawal tax penalty.

Note: Sending funds by check allows for less visibility on where your funds are at. If you are transferring large amounts, we recommend sending the funds by wire if you can.

See below for instructions for sending a check or wire:

Send a check

1. Make the check payable to:
   Please ensure that checks are made payable to Altruist Financial LLC FBO <Your Name> as outlined below.
2. In the memo of the check write:
   
   [Altruist 8 Digit Account # + Account Holder's Name + Rollover]

Note: Checks for deposit must include the recipient client’s account number in the memo field on the check.

1. Send the check to:
   Altruist Financial LLC
   300 S. Pearl Expressway
   Suite 250 
   Dallas, TX 75201

(or) Wire the funds

• Institution Name: BMO Harris
• Institution Address: 320 S. Canal Street, Chicago IL 60606
• ABA#: 071000288
• Recipient Name: Altruist Financial LLC
• Recipient Address: 300 S. Pearl Expressway Suite 250, Dallas, TX 75201
• Recipient Account Number: 1654417 (not to be confused with the client's account number)

In the Comment section have them put: “Your Altruist account number (e.g.12345678) , your full name – Rollover”

If there is space to provide Further Credit to have them put:

• Your full name
• Your Altruist account number

4. Let Carbon Collective know you’ve initiated the transfer

Just reply to one of our emails or click this link to use our pre-filled email to let us know you've completed the steps above. We'll keep an eye out for your check!