60 Day rollover rule

I have a client who tried to do a rollover from an old 401k plan into an IRA. The check was made payable to T. Rowe Price but was mailed to his home address. The check arrived the day his wife had a baby and the check set unopened for 90 days. He recently found it and wants to know what to do.
Send it to T. Rowe Price. Does that make it a trustee to trustee transfer and he does not have to worry about the 60 days?
Go back to the old 401k plan and ask them to void the old check and issue a new check?
Thanks for your help.



I would forward the check ASAP. This is not a 60 day rollover and not subject to that time limit, but some IRA custodians still may balk at accepting it beyond 60 days and those chances increase by the day. If TRP refuses to accept it after elevating the request to supervisor level, then client will have to seek a re issued check. Fees could be levied by the plan.



Add new comment

Log in or register to post comments