But he acknowledges that the process can take weeks, or even months, to complete. The rules are designed to prevent creditors and criminally minded employers from tapping your savings, but they also make it more difficult for you to get your money out, he says. If you plan to roll your money into an IRA, select a financial institution, set up an account and decide how you want the money invested. That way, you'll have a place to direct your money when you contact your former employer about a rollover. Review your former plan's policy.
Different plans have different rules.
Talk to the company's benefits office and find out what paperwork is required. This is ideal because you'll never see the money, eliminating the possibility you'll be taxed. Not all plans will do a direct transfer. If your former employer won't do a direct transfer, make sure the check is made out to your IRA provider, not you. Your new IRA provider will tell you how the check should be addressed.