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Asked 11/9/2008
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Can I transfer my 401 to another plan while I am employed? I work for company x I want to transfer my funds to an IRA? |
Answer 1/1 - Submitted 5/9/2011
The plan sponsor (your employer) decides whether it is possible to allow an inservice rollover (moving your funds to an IRA when you are still employed with employer sponsoring the plan). This will be documented in the plan documents. You can ask your employer for a copy of the summary plan description (SPD), or the trust agreement. You could also ask your human resources department if the plan allows this and they should be able to answer your questions.
Once you are no longer employed with that employer you have the option to roll over your 401(k) to an IRA without penalty if done properly.
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