Thursday, January 17, 2013

Transfer Former Employer Schwab 401k | Self-Directed Solo 401k Schwab | Solo 401k Loan



QUESTION: I am rolling over my former employer 401K which is currently with Schwab and I'll probably go back to Schwab for the self-directed solo 401k brokerage account with checking account option so that I can still invest in equities and real estate and take a solo 401k loan (if I am understanding the process correctly). 

I need to process a solo 401k loan as soon as this is set up. Approximately what is the time frame I am looking at in its entirety? 

Thanks........PJ

ANSWER: It takes us a day to prepare the Solo 401k plan trust forms, and Schwab forms including cover letter which you then mail to Schwab's back office along with the Solo 401k plan documents. Once Schwab establishes brokerage account for the Solo 401k, which generally takes 3 to 7 days and the account is funded, you will receive a checkbook in the mail from Schwab that you can use to process the Solo 401k loan after we prepare the solo 401k loan documents, usually the same day.

No comments:

Post a Comment