Rollover-In Policy

Human Interest’s authority to set the Administrative Policy

A 401(k) plan Basic Plan Document (BPD) or a 403(b) BPD applies to all plans administered by Human Interest. Both the 401(k) and 403(b) BPD state that the Plan Administrator has discretion on which type of Rollover Contributions it will accept, provided it is nondiscriminatory. This should be handled as a matter of policy to prevent discrimination and to ensure consistency in plan administration. 

For all client service levels, Plan Sponsors agree, under the Terms Of Service, to allow Human Interest to set administrative policies for ease of plan administration, when permitted by the Plan; such administrative policies are considered to be set by and adopted by the Plan Administrator. The Rollover-In Policy falls under this provision.

Eligibility for Rollover Contributions

  • Any individual, regardless of their eligibility to participate in the plan, may roll over funds into the plan at any time provided the following conditions are met:

    • The plan’s effective date has passed;

    • The participant is actively employed by the plan sponsor; and

    • The plan is not in a deconverted or terminated status.

  • Rollover contributions are accepted from all eligible sources that Human Interest can properly recordkeep and, as defined by the IRS, are eligible to be rolled into a qualified plan, as stated below.

Eligible Rollover Sources

The following types of plans are eligible to roll into a 401(k)or 403(b) plan, as per the IRS Rollover Chart:

  • Qualified Plans (e.g., profit-sharing, 401(k), money purchase, and defined benefit plans)

  • 403(b) Plans

  • Governmental 457(b) Plans

  • Traditional IRAs

  • SIMPLE IRAs (after two years of participation, except in the case of a SIMPLE IRA conversion to a Safe Harbor plan)

  • SEP IRAs

Roth Sources

Human Interest will only set up and administer Roth Rollover sources from other qualified plans if the receiving plan allows for Roth deferral contributions. 

(Roth IRA’s are unable to roll into a qualified plan as per the IRS rollover chart.)

Ineligible Rollover Sources

Human Interest will not accept any after-tax monies (not to be confused with Roth Rollovers).