Open a MEXEM Traditional Rollover IRA Account 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 MEXEM Rollover IRA account. You will have to sign a form authorizing the move. Next, your employer will transfer your payout to your MEXEM IRA account, or they will provide you with a check made out to MEXEM. If the latter is the case, once you receive the check you should deposit it immediately into your MEXEM Rollover IRA. The deposit must be within the time frame permitted under the Internal Revenue Code.

If your 401(k) custodian is ACATS eligible, you may wish to review the assets held in your account to decide whether they are eligible to be held at MEXEM. This can be performed through the Contract Search tool located on our website. Particular attention should be paid to mutual funds currently carried in your account as certain funds are proprietary and may not be transferable.

Please note the existing 401K or other retirement plan can only be transferred into a Traditional Rollover IRA Account. If you want your 401K or other retirement plan in a Roth IRA then after the transfer into the Direct Rollover IRA Account you can do a Roth Conversion.

You can find more information on IRA Transfer Methods in the Client Portal Users’ Guide.