Rolling over a 401(k) held at Merrill Lynch
If your old employer's plan is administered by Merrill Lynch, they are the ones holding your balance, your statements and the rollover paperwork — not the company you used to work for. Calling your former employer first is the most common way people lose a week.
Department of Labor filings for plan year 2024 show Merrill Lynch keeping the records for 77 large 401(k) plans, holding 604,443 former employees who no longer work there but still have money in the plan.
What to ask for, word for word
Ask for a direct rollover, also called a trustee-to-trustee transfer. The phrase matters. If the check is made payable to you instead of to the receiving custodian, the plan withholds 20% and you have 60 days to replace it out of pocket or the whole amount becomes taxable income.
Open the receiving account first. You will be asked for its name and account number on the call.
Employers whose plans Merrill Lynch keeps
The largest ones in the public filings. Each links to what the record says about that plan.
- Walmart — 280,376 former employees
- Accenture — 43,879 former employees
- The Kroger — 28,068 former employees
- KPMG — 17,649 former employees
- AECOM — 12,707 former employees
- Fiserv Solutions — 12,326 former employees
- Homeservices of America — 10,631 former employees
- Waste Management — 8,332 former employees
- McLane — 7,402 former employees
- Amgen — 6,945 former employees
- Corteva Agriscience — 6,886 former employees
- Lithia Motors — 6,391 former employees
Frequently asked questions
How do I roll over a 401(k) held at Merrill Lynch?
Call Merrill Lynch and ask for a direct rollover, sometimes called a trustee-to-trustee transfer. You will need the receiving account's name and account number, so open the new IRA first. Ask that the check be made payable to the new custodian for your benefit, never to you personally: that one detail is the difference between a tax-free transfer and a taxable distribution.
Will Merrill Lynch charge me to move my money out?
Some plans charge a distribution or processing fee, typically $25 to $75, and it comes out of the balance. Ask before you start, and ask in writing. The fee is set by the plan, not by Merrill Lynch alone, so two employers using the same recordkeeper can charge different amounts.
How long does it take?
Usually two to four weeks from the day the paperwork is complete. Most delays come from a missing signature or a spousal consent form, not from the transfer itself. If a check is mailed to you rather than sent directly, the 60-day clock starts the day you receive it.
Can the money go into physical gold?
Yes, once you no longer work for that employer. The receiving account has to be a self-directed IRA whose custodian allows precious metals, and the metal must be stored at an IRS-approved depository. Done as a direct rollover there is no tax and no penalty at any age.
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Send me the free kitHeritage Gold Partners is not affiliated with, endorsed by, or connected to Merrill Lynch. The name appears here only to identify the recordkeeper named in public Department of Labor filings. Figures are from plan year 2024 and may have changed since. Educational only, not investment, tax, or legal advice.