Welcome! | Ask A Question
Asked 10/27/2007
|
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.
Related Questions (Ask a New Question)
I was layed off in mid april 2009. depressed due to several changes in my life i couldn't deal with my 401k investments after being layed off. is it to late to rollover my 401k into an ira account? did i lose my investments which are approximately $6000.00? i am not presently working but would...
Do i have to file any information regarding my 401k direct rollover for my pa state taxes? since it was a direct rollover, it is not taxable, but i have been told by serveral people that i still have to submit my 1099 form to the state since money was distributed, also my 1099 form has a "g"...
I am craig finley. currently i am employed by csc. you received my 401k rollover check from my previous employer, alion, last thursday. when will it show as a pending transaction on my curretn 401k/matched asset plan (map) account? thanks
|
What is the time frame a 401k can be rolled over after loosing your employment? I was layed off in mid april 2009. depressed due to several changes in my life i couldn't... |
|
Do i have to file any information regarding my 401k direct rollover for my pa state taxes?... |
|
I am trying to track down my 401k rollover check I am craig finley. currently i am employed by csc. you received my 401k rollover check from... |
|
Rollover spouses 401k into mine When my wife and i have children we plan for her to stay at home and raise the kids. she... |
|
I received, completed, and returned my 401k rollover paperwork to my ex employee and over... |
|
When can i rollover my 401k to an ira My current 401k is with my company. they are changing 401k firmsand the new one does not have... |
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.
Powered by Yahoo! Answers