Voya 401k Rollover: Complete Transfer Guide
Everything you need to know about rolling over your Voya Financial 401(k) to an IRA. Step-by-step process and alternatives.
Key Takeaways
- 1Voya Financial (formerly ING) administers retirement plans for many employers
- 2Rollovers can be started at voyaretirementplans.com or by calling 1-800-584-6001
- 3Direct rollover avoids 20% mandatory tax withholding
- 4Process typically completes in 7-14 business days
- 5Gold IRA provides diversification beyond Voya's standard investments
Understanding Voya 401(k) Plans
Voya Financial (formerly ING U.S.) is a major retirement plan provider serving employers across America. They administer 401(k), 403(b), 457, and other retirement plans. When you leave your employer, you have full rights to roll your Voya 401(k) to any IRA provider.
- **Major provider**: Voya serves millions of retirement plan participants
- **Former ING**: Rebranded from ING U.S. - same company, new name
- **Multiple plan types**: 401(k), 403(b), 457, and pension plans
- **Online access**: Manage your account at voyaretirementplans.com
- **Phone support**: Call 1-800-584-6001 for assistance
When Can You Roll Over Your Voya 401(k)?
Your eligibility to roll over depends on your employment status and specific plan rules.
- **Left your employer**: Eligible immediately - quit, laid off, or retired
- **Age 59.5+ while employed**: Many Voya plans allow in-service rollovers
- **Plan terminated**: If your employer ends the plan
- **Disability**: Generally eligible for distribution/rollover
- **Small balance**: Plans may force out balances under $5,000
Check Your Plan Documents
Each employer's plan has specific rules. Log into your Voya account or call 1-800-584-6001 to verify your eligibility for rollover.
Your Voya 401(k) Rollover Options
When you're ready to roll over, you have several paths to consider. Each has distinct advantages and trade-offs.
| Option | Best For | Key Consideration |
|---|---|---|
| Voya IRA | Simplicity, same platform | Compare fees to alternatives |
| Fidelity/Schwab/Vanguard | Low costs, more choices | New platform to learn |
| Gold IRA | Physical gold diversification | Specialized custodian required |
| New employer 401(k) | 401(k) loan option | Limited to new plan's funds |
| Leave in Voya | No action needed | May lose some features/access |
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Step-by-Step Voya Rollover Process
Follow these steps to roll over your Voya 401(k) smoothly and avoid unnecessary taxes.
- 1Verify your eligibility to roll over (contact Voya or check online)
- 2Decide on your destination: IRA, new 401(k), or Gold IRA
- 3Open an account at your destination institution
- 4Log into voyaretirementplans.com or call 1-800-584-6001
- 5Navigate to "Withdrawals" or "Distributions" section
- 6Select "Direct Rollover" as your distribution type
- 7Provide your new IRA custodian's name, address, and account number
- 8Submit your request and note the confirmation number
- 9Monitor the transfer - expect 7-14 business days
- 10Verify funds arrive at your new institution
Always Choose Direct Rollover
Select "direct rollover" or "trustee-to-trustee transfer" to avoid 20% mandatory tax withholding. An indirect rollover where you receive the check triggers withholding you'll have to replace from savings.
Key Considerations Before Rolling Over
Think through these important factors before initiating your Voya rollover.
- **Outstanding loans**: Must be repaid or treated as a taxable distribution
- **Stable value funds**: May have surrender restrictions or waiting periods
- **Company stock**: May qualify for NUA (Net Unrealized Appreciation) treatment
- **Rule of 55**: Leave employer at 55+ and can access 401(k) penalty-free - lost if rolled to IRA
- **Vesting**: Non-vested employer contributions stay behind when you leave
- **Creditor protection**: Federal 401(k) protection may exceed state IRA protection
Direct vs Indirect Rollover
Understanding this critical difference can save you thousands in taxes.
| Direct Rollover | Indirect Rollover |
|---|---|
| Funds go directly to new IRA | Check sent to you first |
| No withholding | 20% withheld for taxes |
| Simple, clean process | Must replace 20% from savings |
| No time pressure | Must deposit within 60 days |
| Recommended method | Last resort only |
The Indirect Rollover Trap
With indirect rollover, Voya sends you a check minus 20% withholding. You must deposit 100% of the original amount within 60 days (replacing the 20% from your own pocket). Miss this deadline and it becomes taxable income plus a 10% penalty if under 59.5.
Diversify with a Gold IRA Rollover
Voya 401(k) plans typically offer stock funds, bond funds, and target-date portfolios - but no physical precious metals. A Gold IRA rollover allows you to add real gold to your retirement savings, providing diversification that paper investments cannot match.
- Physical gold coins and bars held in your name
- Protection against inflation and currency devaluation
- Gold often rises when stocks fall - portfolio insurance
- Same direct rollover process - tax-free transfer
- Can split your rollover: part to Gold IRA, part to traditional IRA
- Augusta Precious Metals offers free Gold IRA educational resources
Frequently Asked Questions
1What is the phone number for Voya 401(k) rollovers?
Contact Voya Retirement Plan Services at 1-800-584-6001. Representatives can help with rollover questions, provide forms, and guide you through the process.
2How long does a Voya rollover take?
Voya typically processes direct rollovers within 7-14 business days. Electronic transfers are faster than checks. Allow 2-3 weeks total for funds to appear in your new IRA.
3Can I do a partial rollover from Voya?
Yes, most Voya plans allow partial rollovers. You can move a portion of your balance to an IRA while leaving the rest in your 401(k), or split between multiple destinations like a traditional IRA and Gold IRA.
4What happens to my Voya 401(k) if I do nothing?
If you leave your employer and don't take action, your money typically stays in the Voya plan. However, small balances under $5,000 may be subject to automatic distribution. Balances under $1,000 may be sent to you as a check. Proactively rolling over gives you more control.
5Are there fees to roll over from Voya?
Voya generally doesn't charge rollover fees. However, some investment options within your plan may have surrender charges if moved before a holding period ends. Check your specific investment details before rolling over.
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