Welcome! | Ask A Question

 
 
 
 
Question

Asked 8/8/2011

Ames dept. Store 401k

I left ames in 1998 without ever taking the money out of my 401k. Any chance of recovering that money?

 
 
 
 
 
Answers

Answer 1/1 - Submitted 8/9/2011

Maybe. It depends on your balance.

If you had a balance of more than $5000 you may find that the money is still in the plan. Contact your former employer to see if your account is still there and what your balance is. They are required to send you an annual statement so you should be getting one or they will want your correct address.

If you had a balance under $5000 you should know that the rules changed during the time you mentioned and the employer had the option to get rid of these small balances via distribution or ultimately by turning the money over to the state's escheatment program. That means after failing to find you they could turn over the money to the state who would try to find you. If that happened you can contact the state to see if the money is there.

A third option is that you were not vested in your account (0% vested). In that case, even though the money showed in your account it was never yours. When you terminated it would have gone back into the plan to be allocated to other employees or used to offset plan expenses.

I hope you find it!

 
 
 
 
Answer This Question Now

Type your Answer in the box below and post your answer.

Learn more about how this works

 
 
 

Related Questions (Ask a New Question)

 
Will i have to pay taxes on money paid to me after my divorce

I recently got divorced and part of the agreement was i was to recieve money for my 1/2 of equity in a home me and my now ex husband were buying.he kept hte home and i had ot relocate will i have to pay taxes on the money i recieved.i will also get 1/2 of his 401k as he will mine it is to be set up...

See Answers

 
No income, but deductions

I was out of work for the entire year of 2007. i did not collect any unemployment. even though i have no income to report, i do have deductions and i have in the past itemized deductions. how do i file and claim deductions since i have no income to report? should i withdraw from my 401k in order...

See Answers

 
Additional income

I need to know if accept a payment from my after tax contributions out of my 401k, if it will cause me to pay taxes? the amount is $14,200 approx. how do i figure that out?

See Answers

 
Related Questions

Will i have to pay taxes on money paid to me after my divorce


I recently got divorced and part of the agreement was i was to recieve money for my 1/2 of...

 

No income, but deductions


I was out of work for the entire year of 2007. i did not collect any unemployment. even...

 

Additional income


I need to know if accept a payment from my after tax contributions out of my 401k, if it will...

 

401k withdrawal


Can you withdraw funds from a 401k at any time due to a terminal illness?

 

401k reduction of wages


Question: in the past the 401k contribution reduced all taxable wages dollar for dollar...

 

Taxes and penalties on 401k early withdrawal for new home


If i withdraw my 401k to purchase a house would i still be subjected to the 10% penalty and...

 
 

See more 401k questions

 
 
 
 
 

Ask A Question

Ask a new question about
401k: