Rollover comparison
Fidelity → Empower 401(k) rollover
If you're rolling a 401(k) FROM Fidelity TO Empower, here are the practical mechanics: what forms you'll fill out, how long it takes, whether ACATS is supported, and what specific gotchas to watch for at each custodian. This page documents the process; it does not recommend one custodian over the other.
Side-by-side
| Field | Fidelity | Empower |
|---|---|---|
| ACATS eligibility | ACATS (electronic) eligible — typical processing 3–5 business days | Paper-based transfers only — typical processing 10–14 business days |
| Processing time | 3-5 business days (ACATS); 7-10 days for paper | 10-14 business days (paper-based) |
| Transfer form | Transfer of Assets (TOA) request — initiated at receiving institution | Direct Rollover request (plan-administrator form, varies by employer) |
| Customer-service phone | 1-800-343-3548 | 1-855-756-4738 (former Empower Retirement); 1-800-345-2345 (Prudential-acquired plans) |
| Customer-service hours | Mon-Fri 7am-11pm ET, Sat-Sun 9am-5pm ET | Mon-Fri 8am-10pm ET, Sat 9am-5:30pm ET |
Known pitfalls at Fidelity
Warning: Fidelity defaults to mailing a paper check if you initiate the transfer FROM their side — call the receiving custodian first to initiate an ACATS pull instead.
Warning: If you have employer stock in the 401(k) (NUA-eligible), do NOT roll it directly — separate the basis cost first or you lose the NUA tax treatment forever.
Warning: Fidelity will ask whether to liquidate or transfer in-kind. For mutual funds, in-kind only works if the destination custodian supports the same funds; otherwise it's liquidate + cash transfer (the default).
Known pitfalls at Empower
Warning: Empower acquired Prudential's full-service retirement business in 2022 and MassMutual's in 2021 — if your old plan was at either, it's now on the Empower platform and the login is at empower-retirement.com (not the Prudential or MassMutual portal).
Warning: Empower defaults to mailing a paper check to YOU unless you specifically request a 'direct rollover, custodian-to-custodian wire'. If you accept a check made out to you, 20% is mandatorily withheld and you have 60 days to deposit the gross amount (the 20% comes out of your pocket until tax-time refund).
Warning: Some Empower plans require your former employer to countersign the rollover request — this can add 5-7 days if HR is slow. Call HR before you call Empower so they have your request on file.
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This comparison is informational only — it documents the procedural mechanics of rolling over a 401(k) between Fidelity and Empower. nesthelm is not an investment adviser or broker-dealer; we do not recommend either custodian over the other. Consult a CPA or licensed financial advisor for advice on your specific situation.