IRA Transfer and Rollovers
An IRA transfer occurs when you have one IRA institution transfer your money directly into another IRA institution and you never touch the money. An IRA rollover occurs when you receive a lump sum distribution from one IRA in cash and you reinvest that cash into another IRA within a 60-day period. So, if you already have the money in your possession and you want to start a Parnassus IRA, you'll be opening a IRA rollover. If your IRA is with another custodian and you want to move that money into a Parnassus IRA, you can arrange for an IRA transfer and Parnassus will manage the transfer process for you.
IRA Transfer
To have Parnassus transfer your IRA for you, just fill out the IRA Transfer Request Form [pdf] and an IRA Application [pdf] and mail them to us. We will handle the rest of the transfer for you. You should check with your existing IRA custodian/financial institution to see if they require a Signature Guarantee to complete the transfer. Transfers can not be done online.
IRA Rollover
If you elect to receive a cash distribution from another IRA, you can avoid paying current taxes on the distribution by "rolling it over" into a Parnassus IRA. The rollover must be completed within 60 days. However, there are certain restrictions imposed by the Internal Revenue Code on multiple rollovers within a 12-month period. To open an IRA rollover account at Parnassus, fill out an IRA Application [pdf], indicate it's an IRA rollover, and send it to us by mail with your check.
Information about direct rollovers from 401(k) or 403 (b) plans