Move Proceeds from an Employer's Retirement Plan into Your Westcore IRA

Depending on your situation you may choose to roll all or a portion of your 401(k) or other qualified employer retirement plan (such as a 403(b) or 457 plan) proceeds into your Westcore Individual Retirement Arrangement Account (“IRA”).

These assets can be rolled directly into a Traditional IRA, but cannot be rolled directly into a Roth IRA because of tax implications.

Direct Rollover Details

To avoid mandatory federal income tax withholding, you must request a “Direct Rollover” from your current plan. In a Direct Rollover, the current plan makes the distribution check payable to your new IRA Custodian (in this case Westcore Funds) on your behalf.

To roll proceeds directly from a 401(k) or other qualified employer retirement plan into an existing Westcore IRA:

1) Initiate the Rollover

Contact your current plan administrator and request a direct rollover into your Westcore IRA (be sure to provide them with your Westcore account number).

2) Contact Westcore

Contact a Westcore Investor Service Representative at 800.392.(CORE) 2673 or send us a letter to instruct us how you would like your rollover proceeds invested.

Westcore Funds
P.O. Box 44323
Denver, CO 80201-4323

3) Confirmation

Upon receipt of your retirement plan proceeds, Westcore will mail to you a confirmation of purchase.

Indirect Rollover Details

If you choose an “Indirect Rollover,” the distribution check from your current plan account is made payable to you less 20% mandatory withholding. This 20% mandatory withholding covers any income taxes due on this distribution at the end of the year. You may get a portion of this withholding back at the end of the year or you may owe more than was withheld. Within 60 days of receiving your distribution check, you must roll over the entire distribution amount – the amount of the check you receive plus the 20% that was withheld – into an IRA account. If the rollover is not completed properly within 60 days, taxes and penalties will apply.

To indirectly roll proceeds from a 401(k) or other qualified employer retirement plan into an existing Westcore IRA:

1) Initiate the Distribution

Contact your current plan administrator and request a distribution check be sent to you.

2) Send Your Distribution Check to Westcore

Within 60 days of receiving your check, you will need to roll the entire distribution amount (including the 20% that was withheld) into your IRA account to avoid penalties. Please send your investment check, made payable to Westcore Funds, to:

Westcore Funds
P.O. Box 44323
Denver, CO 80201-4323

Include an Additional Investment Form from your last Westcore Account Statement or a letter of instruction including your Westcore account number and the Funds and dollar amounts you would like to invest.

3) Confirmation

Upon receipt of your investment check, Westcore will mail to you a confirmation of purchase.