Welcome! | Ask A Question
Asked 8/17/2011
|
My current company is being sold, do I have to transfer my 401k from the old company into the new company? My current company is being sold, do I have to transfer my 401k from the old company into the new company? I read at my work our 401k's would just be transferred into the new company. Do we not legally have a choice if we want to transfer it or withdraw it. I understand the penalties but having some financial problems and really could use the money. |
Answer 1/1 - Submitted 8/19/2011
No, you don't have the choice. It is not uncommon for a plan merger to be handled like this where all account balances end up in the remaining company plan. In that event, the fact that there was a change in ownership does not provide you with a distributable event, meaning you don't get the option to take a distribution.
If you truly have financial problems you may still qualify for a hardship distribution from the plan. Contact your plan administrator to see if your plan allows for this and to get the form to complete to start the process. A plan loan may be another option, though you would have to make payments on it from payroll deduction.
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
I have a 401k loan and leaving the current company to another company. i don't have th cash available to repay the loan and wanted to know if there was anyway to transfer the loan to the new company 401k plan. old 401k institution is fidelity, new institution is adp.
I'm 57 now and i have money in 401k at my current company, but due to some family issues i need to leave the usa for a while and live in another company, i wanted to know can i come back later when i have reached 59.5 and get my money? will my money be safe with this company? can govement or someone...
Current stock prices are in the basement compared to the purchase price. employees are being told they must sell or transfer all company stock by a certain time or have it done for them. just wondering if this legal?
|
I have a 401k loan and leaving the current company to another company. i don't have th... |
|
I'm 57 now and i have money in 401k at my current company, but due to some family issues... |
|
Current stock prices are in the basement compared to the purchase price. employees are being... |
|
Company sold waiting on 401k check? Our company sold last year. we just got the letter from our company that states they can... |
|
Company sold out to another company. looking to find my 401k. do not know any details about... |
|
10 years ago i work with one company and had 401k with them without knowing it, just lately... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.