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Asked 12/16/2008
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Do you have to quit your job to close out your 401K? My husband wanted to close his 401K but the company told him that he couldn't, the only way for him to do that is by quiting. |
Answer 1/3 - Submitted 12/18/2008
Answer 2/3 - Submitted 1/7/2009
Answer 3/3 - Submitted 1/27/2009
You CANNOT if you are still employed and under 59 1/2.
Even at 59 1/2 it is up to the company that sponsors the plan to say if it is allowed.
You must either sever employment, reach retirment age, or be permanently disabled.
There are usually loan and hardship options, but that again is up to the employer.
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