IPX Safe Harbor IRA Frequently Asked Questions
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What is happening with my Safe Harbor IRA account?
Your account is being transferred to Millennium Trust on November 6. If you wish to take a distribution or transfer your account, you may do so before October 23 by selecting the Take Action button above.
After October 23, your account will no longer be accessible at IPX as it will have been transferred to Millennium Trust. Contact Millennium Trust after November 6 to access your account. Visit https://www.mtrustcompany.com/ipx for more information.
What if I didn’t get a letter?
A letter was sent to your address of record to notify you about the change for your account. View a copy of the letter that was sent on September 18, 2023.
Why do I need to submit a Safe Harbor IRA account application?
Safe Harbor IRA accounts are transferred to IPX by your previous employer or by a third party. The account application is required to transfer ownership of the account to you before any distribution/transfer takes place.
How do I transfer my Traditional IRA to another Custodian?
Transfer or Rollover requests can be completed online or via mail:
- Online Submission
- Complete an IRA distribution request form, providing the new custodian information in Category 1.
- Paper Submission
- Complete the IRA Account Application/ID verification by visiting myira.ipxretirement.com and select “Take action on my account.” Select “Accept my account”. In addition, the Transfer paperwork from the new custodian is required.
- If the new custodian is Thrift Savings Plan, we require the Thrift Savings Plan Request for a transfer form filled out, at the time of distribution.
Can I rollover my Roth account to a new employer plan (Direct Rollover)?
Current regulations prohibit the rollover of a Roth IRA to a new employer sponsored plan, regardless of plan type. However, you can transfer your Roth IRA to another Roth IRA with a new custodian.
I work for a successor custodian, what documents does IPX require to transfer a client’s funds?
- Transfer paperwork and Letter of Acceptance from the receiving institution.
- IPX Account Application signed by the participant
- Medallion Signature Guarantee may be required.
- The participant can submit the Application online or via paper form
- Paper form submissions require a copy of a valid ID.
- Transfer paperwork can be sent separately, by the custodian.
The participant can complete both Application and Distribution forms with the new custodian information. Transfer forms from the custodian are not required if this option is elected.
What information is required on the distribution form when rolling over/transferring my account?
New custodian information.
Payee: Custodian Name
Address: Custodian Address
Account Number: New IRA/Employer Sponsor Plan account number
How do I take a full distribution and close out my account with IPX?
Can I take a partial distribution, or do I have to withdraw all funds from my account?
You have the ability take partial distributions via our online or paper processes. A distribution fee will be assessed for each withdrawal.
Can I take scheduled payments from my account?
Can I contribute to my Safe Harbor IRA account?
You cannot make contributions into your Safe Harbor IRA account.
What if an account owner has passed away?
If an account owner passes away, the account would need to be claimed in the following order:
- Surviving Spouse
- Child(ren) of Decedent
- The Estate, e.g. Parent or sibling of deceased account owner
If there are multiple children, the funds are split equally. Please call us for more information at 1-844-788-3474.
Will I need to have a Medallion Signature Guarantee?
A Medallion Signature Guarantee may be required depending on the account balance and the type of distribution request.
How long will it take for the distribution to process?
Distribution requests are processed within 7-10 business days after paperwork is reviewed and approved by IPX.
Still having trouble completing your paperwork online?
Please call us for assistance at 1-844-788-3474.