Frequently Asked Questions
No - but consolidating accounts from your former employer’s plan to the HCA 401(k) Plan might reduce your costs, and help you stay on top of your retirement savings with fewer statements to keep up with.
Yes - The team at Retirement Clearinghouse are professionals that will help you with every step. They will fill out and submit any paperwork or documents that your prior plan may require on your behalf.
No – Retirement Clearinghouse does not charge HCA participants for this service. This is part of your benefits package.
No – the plan currently does not accept Roth contributions.
When you call Retirement Clearinghouse, you will work with a counselor that will initiate the process with you on the phone. There are typically 2 steps in the process:
- Your counselor will pre-fill a rollover contribution form for you to sign and return.
- Your counselor will also place a conference call with you to your prior employer’s plan custodian to gather distribution instructions and information about your old plan. If there is any paperwork that needs to be completed, your counselor will pre-fill it for you, and coordinate its return to the custodian.
Once all paperwork is completed, your counselor will monitor your account to make sure your funds arrive.
The process can vary depending on:
- How quickly the custodian from the old plan can process the distribution. Some custodians can process a request over the phone, while others may require paperwork that must be mailed.
- How quickly you – the participant - return any needed signed forms.
