Yes! You can use AI to fill out Incoming Rollover Election for Elevator Constructors Annuity and 401(k) Retirement Plan

The form explicitly states on page 5 that a handwritten signature is required and electronic signatures will not be accepted. In an era of digital documents, many people default to using an electronic or typed signature, which will cause the form to be rejected. This results in significant processing delays, as the user will be notified and required to resubmit the entire packet with a physical 'wet ink' signature.

The form requires a 'Division Name' and 'Division Number' on page 2, with a lengthy and confusing reference list on pages 8-9. Users often select the wrong number for their division, enter the name in the number field, or guess if they are unsure. An incorrect division can lead to delays in processing the rollover and may cause issues with how contributions are credited. It is crucial to carefully find the exact corresponding number from the provided list.

The form requires several attachments, including a recent account statement and a distribution check stub. A critical and often-missed step is getting the previous plan administrator to sign page 4 if the statement lacks required details like the plan type. People often submit the form without this signature, assuming their statement is sufficient, which halts the entire process until the signed page is provided, a task that can be difficult and time-consuming.

The 'Rollover Information' section requires a precise breakdown of funds into Pre-tax, After-tax, and Roth amounts. Many individuals do not have this information readily available and may guess or enter the total amount in one field. This is a critical error, as miscategorizing funds has significant tax implications and will cause the receiving institution to reject the form until the correct breakdown, verified by the previous provider's documentation, is supplied.

In the 'Investment Option Information' section on page 5, users who select their own investments must list percentages that total exactly 100%. A common mistake is making a mathematical error, causing the total to be over or under 100%, which invalidates the selection. Others leave the section blank, not realizing the funds will then be invested in a default option they may not have chosen, as stated in the acknowledgements on page 6.

The form requires filers to choose between a 'Direct Rollover' and an 'In-direct 60-Day Rollover'. Many people do not understand the distinction; a direct rollover moves money between institutions, while an indirect rollover involves the individual receiving a check. Choosing the wrong option or misunderstanding the strict 60-day rule for indirect rollovers can lead to mandatory tax withholding and potentially severe tax penalties if deadlines are missed.

On page 4, the form asks for detailed information about the previous financial institution, including the full company name, address, and account number. People often provide incomplete or inaccurate information, such as using a colloquial company name or mis-typing the account number. This prevents the new plan administrator from being able to verify or request funds, leading to rejection of the form and requiring the participant to track down the correct details.

The 'Participant Information' section on page 2 explicitly states that the name provided 'MUST match the name on file with Service Provider.' A frequent error is using a nickname, a maiden name, or a slightly different version of a legal name. Any mismatch will cause a data validation failure, delaying the rollover until the participant contacts the provider to clarify their identity and resubmits the form with the exact name on record.

The very first page of the packet provides a simple 'Rollover Checklist' that outlines the three key requirements for a successful submission. Users often skip this introductory page and jump directly to filling out the form fields. By ignoring the checklist, they are more likely to forget a required document, like an account statement, or miss a critical step like signing the form, leading to an incomplete submission that will be immediately returned.

The payment instructions on page 7 are very specific: checks must be made payable to 'Empower Trust Company, LLC'. A common mistake is for the previous institution to issue the check in the participant's name (for a direct rollover) or for the participant to fail to endorse their check correctly for an indirect rollover. An incorrectly written or endorsed check cannot be processed, invalidating the rollover attempt and requiring a new check to be issued, which can be a lengthy process.