They are telling me that if I consolidate into one of my rollover IRA's that I can only have Fidelity funds in that account.
If I consolidate into my Traditional IRA, I can have any funds in there. I'm planning to call again tomorrow and speak to someone different my customer service rep today had to continuously put me on hold to ask someone questions.
The IRS doesn't care anymore (it used to) but some plans still only want funds rolled from former employer plans.With the title "Rollover IRA" it makes getting past the fussiness easier.Just got off the phone with Fidelity and now I'm really confused.If you are a typical investor, you likely have three or four different retirement accounts.It is not unusual for someone who is making his or her annual contribution to open a new IRA each year with a different custodian.
On the other hand, if you were leaving the money to your church, a Roth makes little sense because the church doesn't pay income taxes.