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» Hatrack River Forum » Active Forums » Books, Films, Food and Culture » Old 401k advice

   
Author Topic: Old 401k advice
Lisa
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When I started working for this company, they opened a 401k for me, and over the next couple of years, they put a chunk of money in it.

Then they laid me off for about 2 and a half years.

When I came back, I was told that they no longer offered 401k stuff. Meanwhile, my 401k (at web401k.com) is just sitting there, not doing much.

Does anyone here know if I can roll it over into an IRA or something without penalty? I know there are things about 401ks at former employers, but I don't know whether this counts as a 401k from a former employer, since when they hired me back, it wasn't the end of a layoff, but a rehire.

Anyone here know about this sort of thing?

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Geraine
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I know that generally you can roll it over into an IRA. You can also usually cash it out if you choose to. Since you are working there again I don't know if you still have those options, but you could always call the company that handled it to ask them. Even though your company doesn't have the plan anymore they would probably be more than willing to help you out.

Keep in mind that if you cash it out they will take Federal Withholding out, and they will usually do it at 35%. I believe you can roll it over into an IRA without any tax penalties.

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rivka
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Fidelity (who I use for most of my retirement accounts and am quite pleased with) has rollover specialists who I bet can help.
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AvidReader
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I rolled my old 401k over into a traditional IRA. It only gets tricky if you want to convert to another type.

My advice would be to pick the company where you want to keep your money first and then ask them to roll it over. They should fill most of the paperwork out for you.

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Lisa
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Thanks, everyone.
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