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Asked 2/19/2009
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401K information from former employer I was terminated by my employer on 01/16/2009. To date I have received no information concerning my 401K account with this employer. How do I get this information from my former employer? I do not know the amount currently in the account or what the money is invested in or the amount of return, if any, I am receiving on this money? Should I keep the 401K with my former employer or move it to a tradtional or Roth IRA? Will there be tax implications? I am 59 1/2. |
Answer 1/4 - Submitted 2/22/2009
Call the HR department. They should be able to guide you and provide the information. You can ask them to have the latest statement mailed to you. You can keep the former employer's 401K or move the money to a Rollover IRA. Typically a rollover IRA with any brokerage will give you more investment choices. Do a Direct Rollover from 401 K to the IRA by filling the right forms. If you take the distribution directly from the 401K to you, you will incur tax.
Answer 2/4 - Submitted 2/25/2009
I was the only employee. It was just the owner and me. I have been advised by my employer that the paperwork can not be sent to me until he makes a contribution for 2008 which will probably not happen until April. It is my employer's understanding that this would not be a rollover but a withdrawal. He stated he could put me in touch directly with the administrator if I have further questions.
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