Originally Posted by pb4uski
What was the $450k invested in (broadly, not tickers)? If in some broad based stock and bond funds, I would just dive right in and perhaps adjust to your target AA at the same time if it is a little out of whack. In other words, even if you think equities are high right now you are selling high and buying at the same level.
When I did my Rollover IRA in late 2008, I was faced with this same issue when I received the lump-sum check (not made out to me directly, of course) to present to the new trustee (Fidelity). By the time I emptied the 401(k) I had only 2 funds in there, an S&P 500 index fund and a stable return fund (which was most closely like an intermediate-term, investment-grade, corporate bond fund).
But I had forgotten to check the individual balances on the 2 funds on the day the 401(k) was emptied so I did not have the final AA I wanted to use to open 2 similar funds at Fidelity a week later. I did not think to call a rep at the 401k) trustee's office until the morning I went to Fidelity and he did not have that info readily available so I had to sorta wing it and make a best guess when I split the money up at Fidelity. Turns out I came pretty close, only 1-2% off from what it was (and I was okay with my "new" AA).
I could have simply dumped it all into Fidelity's cash account (Cash Reserves) and gradually bought shares of my desired funds. [ This appears to be more closely related to what the OP was asking about.] If I thought the rapidly unstable market was going to fall some more, this would have been a decent strategy as long as and forgone dividends would be recovered by buying at lower prices. I pretty much bought in at the bottom but then again I sold out (emptied the 401(k)) at the bottom, too.