Thinking about rolling over your old employer-sponsored retirement plan into an M1 IRA? This article answers common questions about rollovers to help you through the process.
Rollover IRA basics
What type of M1 IRA do I need for a rollover?
To maintain tax-deferred status of your pre-tax retirement plan assets, open a Traditional IRA
To potentially preserve tax benefits of your Roth (post-tax) retirement plan assets, open a Roth IRA
If you’re rolling over both pre-tax and Roth assets, open a Traditional IRA for the pre-tax funds and a Roth IRA for the Roth assets
If you’d like to roll your pre-tax assets into a Roth IRA, note that this is a taxable event
Note: If unsure what type of IRA fits your situation, consult your plan administrator or a qualified tax professional.
I already have an M1 IRA—do I need to open another?
No. M1 allows one Traditional and one Roth IRA per customer. You do not need to open an additional account of the same type to complete your rollover.
Can I roll over my spouse’s account into my IRA?
No. Employer retirement accounts and IRAs are held individually. Rollovers must be completed into an IRA in the account owner’s own name. Your spouse can create an M1 profile and open their own IRA.
Preparing your IRA for a rollover
How do I prepare my M1 IRA for a rollover?
Review your IRA portfolio and confirm your investment selections.
Turn on auto-invest if you want incoming funds to be automatically invested.
Make note of your M1 IRA account number—this will be required during rollover.
For more guidance:
Does M1 offer investment recommendations?
Since M1 is a self-directed brokerage platform, we are unable to provide any investment recommendations. If you have questions about which investments to put in your portfolio, we recommend speaking with a qualified financial professional or tax advisor.
The rollover process
How do I initiate the rollover? Can M1 do this for me?
You, as the account owner, must start the process. M1 cannot initiate rollovers on your behalf.
What to do:
Contact your plan administrator to request a direct rollover to your M1 IRA.
Provide M1's clearing firm information (Apex Clearing) and your M1 IRA account number.
Direct the plan administrator to send the check to the address below.
For detailed steps, see: How to complete a rollover at M1
Who should the rollover check be made payable to?
Please ask your plan’s administrator to make the check payable to M1’s clearing firm, “Apex Clearing.”
Additionally, ensure that your name and M1 IRA Account Number are included in the memo line.
Where should the rollover check be mailed?
Your plan administrator should mail the check directly to Apex Clearing:
Apex Clearing c/o BPO
350 North St. Paul Street #1300
Dallas, TX 75201
Note: If the check is mailed to you instead of directly to Apex, forward it to the above address after confirming it is payable to "Apex Clearing" , and includes your name and IRA account number on the memo line.
The rollover check was made payable to me—should I cash it?
If you receive a check that is payable to you for the full value of your rollover:
Endorse the back of the check and forward it to Apex Clearing at the address above.
The check must be deposited into your M1 IRA within 60 days of the distribution date to avoid a taxable event.
The check was made payable to me and taxes were withheld—what now?
If federal taxes were withheld from your rollover distribution, your plan administrator may have processed the transaction as a distribution instead of a rollover.
Consider the following to help avoid tax consequences:
Deposit the full original amount (including the amount withheld for taxes) into your M1 IRA within 60 days.
If only the net check amount is deposited, the withheld portion may be considered a withdrawal and could be subject to taxes and penalties.
Example: If $10,000 is distributed and $2,000 (20%) is withheld for taxes, you receive an $8,000 check. To manage against the possibility of a taxable event, consider depositing the full $10,000 into your IRA within 60 days.
We recommend contacting your plan administrator for next steps. They may be able to re-process the transaction and issue a new check to Apex Clearing.
How long does it take for Apex Clearing to receive a rollover check?
The speed at which Apex Clearing receives the check depends on where the check was mailed from and the type of mail that it was sent through.
Some plan administrators offer overnight or expedited mailing. Others may offer tracking services, which may be useful in the event of a delay in the expected delivery date.
If it has been more than 14 days (about 2 weeks) since the check was mailed to Apex Clearing, we recommend contacting the plan administrator to verify the address that the check was mailed to.
What happens after Apex Clearing receives the check?
The funds are deposited into your M1 IRA and invested according to your current Pie and auto-invest settings.
What if my old employer account receives a dividend after the rollover?
If additional dividends post to your former plan after the rollover, ask your plan administrator to send those funds to your M1 IRA following the same rollover procedure.
Ensure the check is payable to “Apex Clearing”, and your name and M1 IRA account number appear in the memo line.
What should I do if my rollover check is lost in the mail?
Contact your plan administrator immediately and ask them to:
Issue a stop payment on the original check, if possible
Reissue a new check to Apex Clearing with the correct information
Can I roll over my 529 Plan to my Roth IRA?
If eligible under IRS rules, you can send your 529 Plan rollover check to the same address as above.
Make sure your Roth IRA account number appears on the memo line.
After sending the check, contact M1 Client Success to let them know it is a 529 Plan rollover so your funding history can be updated.
A rollover is only one of your retirement investment options. Other options include leaving the money at an old employer plan, moving it to a new employer plan, or cashing out. There may be benefits of leaving your investments in an employer plan, including but not limited to the benefit of an employer match or loan options. Please see IRS guidance about rollovers for additional details.
This content was generated using artificial intelligence and is intended for informational and educational purposes only. While reasonable efforts are made to ensure accuracy, AI-generated outputs may omit key context; and should not be construed as financial, investment, legal, or tax advice. Users should independently verify all information and consult a qualified professional before making any financial decisions.
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