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Asked 10/27/2007
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401k Rollover? How long after, if your employer goes under, does a person have to rollover their 401K before any penalties are applied? Can a person just leave the money in the firm that is holding the 401k? |
Answer 1/2 - Submitted 10/27/2007
There is no penalty for a 401K rollover if it is done properly. It should be rolled over into another account, e.g. an IRA, directly, rather than distributed to the owner and then deposited in the new account. You can also leave the 401K alone if a new custodian has been assigned to manage it.
Answer 2/2 - Submitted 10/27/2007
Each company's plan differs on the rules about how long or whether you can leave your money in the old plan. If the employer "went under," your money should be safe as it is held by the plan trustee, not by the company.
I would recommend that you roll it over into an IRA. That way you can choose the investment and directly control it.
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