Welcome! | Ask A Question

 
 
 
 
Question

Asked 10/6/2010

How long might it take to recieve my 401k after quitting?

It's been almost 3 months since I quit my job. I recieved a packet in the mail to sign off on what I wanted to do with the funds (draw it out). The lady who handles this sent a note stating "please sign and return and I will send it to _______ office so that may do the accounting on it. I'm not sure how long this will take" If she doesn't even know how long it will be, she shouldn't be handling that type of paperwork. I've called the accounting firm and have yet to hear back from them.

 
 
 
 
 
Answers

Answer 1/4 - Submitted 10/6/2010

Also, will I be recieving the funds from the company, or will my former employer be sending it to me?

 
 

Answer 2/4 - Submitted 10/6/2010

They will process this as soon as administratively poosible. It depends how busy they ae. One month should be a reasoanable time. You need to follow it up.

 
 

Answer 3/4 - Submitted 10/6/2010

I just recieved a voicemail from the accounting firm. They said it may be NEXT SPRING until I get my distribution. Even then, it may be a partial distribution. I'm already 100% vested in the balance. (They say they have to see if I'm eligible for a 2010 contribution given that I quit at the end of June.) I don't see how its possible for it to take almost a year or at least 3 quarters for MY money to be given to me.

 
 

Answer 4/4 - Submitted 10/6/2010

I think someone there is being lazy to processed the paperwork. it took me 3 weeks to take partail. they will give me a tracking number. because it was send by ups. it you take all the funds. you will be paying a penalty for early withdraw plus percentages for taxes. it be better to take partial if you need the funds. this want it save you for penalty charges. the other fund. hold it there in place. they can't force you to withdraw all of it. hold it there until you find another job that has 401k and rollover into that new 401k job. it free of charge for rollover into a new job with 401k.

 
 
 
 
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: