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Plan sequence number on rollover 401k


Kevin37

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Hi all:

Wondering if I got bad advice from E*Trade. I have a solo 401k plan with vanguard. I am trying to role it over to a solo 401k plan at E*Trade. 
 

My current plan is sequence number 001 at Vanguard. 
 

I was told at E*Trade since it is a new plan (ie xyz NEW solo 401k) I should use sequence number 001. However it is still obviously based on the same EIN. So should it be 001 or 002? 
 

Thanks!

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Is it actually a new plan? In other words, did you terminate the Vanguard plan, or are you simply transferring the funds to a new company? 

If old plan is terminated (and you've waited the requisite 12 months to start a new plan) then it should be 002.

If you're just switching companies then the Plan Name should remain the same and the Plan # should still be 001 (because it's the same plan).

R. Alexander

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Thanks this was the answer I was looking for. I am transferring the funds from vanguard to E*Trade. I thought I’d have to terminate the vanguard plan (and file a final 5500ez). I didn’t realize I had to wait 12 months to start a new plan. 

I am going to have to rename the E*trade plan.

Really really appreciate your help!

 

 

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Presumably what you want to do is restate the Plan from the Vanguard document to the E-trade document retaining the same Plan number 001 and simply transfer the assets from one brokerage to the other, unless you already have a plan document that isn't brokerage house specific in which case you just need to transfer the assets.

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