I have an 401K I need to rollover. However, I have a few questions..?

I have an 401K I need to rollover. However, I have a few questions..?
I rolled over this 401K in April 2007 from a change in employers (I quit and started a job with another employer). However, I have to rollover the 401K to a Traditional IRA (preferably) because I just got fired (lawsuit pending) from my current employer. Is there anyway I can do this quickly and without incurring a penalty? Thanks, Jon


Answers:

scflyer:  I rolled mine over with Fidelity a couple of years ago. It was pretty painless. I was able to keep about half of the funds I had in the 401k. With the others, I switched into one of the numerous funds they have.
2008-01-06 16:34:56
Chosen Answer
Thin Kaboudit:  Pick a brokerage, tell them you want to open an account and "roll in" a 401(k) rollover... they will open you an account and give you what its name is... Contact the plan administrator of the 401(k) and request a direct rollover check be issued in the name of the brokerage account you opened. Deposit the check... you are done! This way you never actually personally hold the funds, so no taxes or penalties become due. Sorry you got fired. But 12 months from now it might be the best thing that ever happened...
2008-01-06 16:40:54
newjerseyguy:  Yes. Have the new IRA custodian do a direct rollover. You can establish an IRA with banks, brokerages or mutual fund companies. Most mutual fund houses will do it for you - all you need to do is fill out the paperwork.
2008-01-06 16:45:43
Common Sense:  Go to Charles Schwab or Fidelity. They'll do all the paper work & you'll have a better plan than you did at your past employer. There would be no penalty (if done correctly).
2008-01-06 20:08:51