Transfer the Account to an IRA or to Another Eligible Plan

How to transfer to an IRA or other plan

The Participant may elect to transfer all or part of their account balance to an outside IRA (not Envoy Choice) or to another eligible plan.  (Distribution expenses apply.) 

Upon completion of the Participant Separation from Service Checklist, follow the steps below:

Step #1 - Participant - Select Payment Election

The Participant must make the payment election as follows:

1. Log on to the Envoy Choice Web Portal

       Visit www.EnvoyFinancial.com
       At the top of the home page, click Login
       Enter User Id, Password and make sure "Personal Account Holder" is selected as          Role

2. On the top menu, select Take Money Out > Distribution.  (If the Participant has not been reported as terminated, the Distribution menu will not appear.)

3. In the "Distribution Options - No Longer Employed" section, locate the row entitled "Transfer to a non-Envoy Choice IRA or another eligible retirement plan".

4. At the bottom of the screen, Under Separation from Service, review the available balance and fee information and then click Continue.

5. Review the source balances, instructions, and tax information, and then click Next.

6. Review your personal information, enter missing information, update any incorrect information, and click Next

7. Select the button for "A direct rollover of my vested balance to an IRA or a qualified retirement plan" and click Next.

8. Enter the name and address of the financial institution to which the payment should be sent ("Country" and "Foreign" may be left blank)

9. In the Rollover to drop-down list, select IRA, Qualified Plan, or Roth IRA.

10. If IRA or Roth IRA is selected, enter the IRA Account #.

11. From the Payment Method drop down menu, select Check or Wire.

If Check was selected as the payment method, no further entries are required. Click Next to continue.

If Wire was selected as the payment method, enter the following information for the financial institution serving as the Custodian for the recipient plan and then click Next:
            Bank account name
            Bank account number
            Bank sub-account number (if any)
            Bank ABA routing number

12. On the final confirmation screen, review all of your personal information and elections. Click Next to finalize the request.

Step #2 - Participant - Retrieve the Instructions and Request the Form

Once the Participant has submitted their online payment request, the following instructions and forms will be immediately available on the site for their viewing and printing:

  1. Distribution Authorization Form
  2. Special Tax Notice Regarding Plan Payments

Step #3 - Participant - Complete Authorization Form and Obtain Spousal Consent

The Participant must complete and sign the Distribution Authorization Form.  If the Participant is married, their spouse must also sign the form.  The completed form must be returned to you, the Plan Sponsor.

Step #4 - Plan Sponsor - Payment Authorization

Upon receipt of the completed and fully executed Distribution Authorization Form, as the Plan Sponsor you must take the following actions:

1. Verify that the Distribution Authorization Form is properly signed by both the Participant and their spouse (if applicable).  Save a copy of this form in the Participant's Human Resource file.  In the event of a plan audit, a copy of the form will be needed.

2. Log on to the Envoy Choice Web Portal

Visit www.EnvoyFinancial.com
At the top of the home page, click Login
Enter your User Id, Password and make sure "Employer/Plan Sponsor" is selected as your Role

3. On the top menu, select Distributions > Approval

4. Under the Request Status column, select Approved Request from the drop-down list for the applicable Participant

5. Enter 100% in the Vested Percentage box if your plan does not include a vesting schedule.  Most plans do not.  Enter the actual Vested Percentage if your plan does include a vesting percentage.

6. Click Save Changes.

Step #5 - Envoy - Payment

  1. Envoy will deduct a distribution fee from the account prior to the liquidation.
  2. Envoy will liquidate the Participant's account per the Distribution Authorization Form.
  3. Envoy will direct the payment to the Participant.

Step #6 - Envoy - Tax Reporting

A Form 1099-R will be mailed to the Participant within two weeks of the distribution.  The IRA Rollover is a non-taxable event to the Participant.

Special forms and processes apply to certain situations, including deceased Participants, Participants who qualify to receive their distribution in installment payments and Participants who qualify for tax favored treatment of Housing Allowance.  Instruct the Participant to contact the Envoy Rollover Desk if they have a distribution request that includes one of these special considerations.