This is very helpful, we will call later this afternoon and get more info on this.
I just got off the phone with my great Fidelity advisor and his manager, and while there is no option to "undo" the transaction/rollover that was done, they did share another option which I hadn't thought of. Since my wife has two other 401K's with past employers at Voya and Empower, they suggested we check to see if we could "roll-in" the "Rollover IRA" from Fidelity to Voya or Empower so that it's back in a 401K bucket and would thus eliminate the prorata concern of a backdoor Roth conversion each year. The downside here is that it eliminates our ability to consolidate everything in one place but the plan fees are not an issue at Voya as they charge a flat $20 per year vs the crazy .26% per year at the current employer's 401k plan.
Any reason to be concerned about a "roll-in" if offered?
I just got off the phone with my great Fidelity advisor and his manager, and while there is no option to "undo" the transaction/rollover that was done, they did share another option which I hadn't thought of. Since my wife has two other 401K's with past employers at Voya and Empower, they suggested we check to see if we could "roll-in" the "Rollover IRA" from Fidelity to Voya or Empower so that it's back in a 401K bucket and would thus eliminate the prorata concern of a backdoor Roth conversion each year. The downside here is that it eliminates our ability to consolidate everything in one place but the plan fees are not an issue at Voya as they charge a flat $20 per year vs the crazy .26% per year at the current employer's 401k plan.
Any reason to be concerned about a "roll-in" if offered?
Statistics: Posted by Colorado21a — Mon Jul 22, 2024 4:09 pm