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401k rollover question
Posted on 6/12/15 at 7:42 am
Posted on 6/12/15 at 7:42 am
I just became 100% vested in my 401k at work. Could I roll it over to an individual ira account? We have very limited choices compared to others that I've seen.
4
Posted on 6/12/15 at 7:58 am to LSUSUPERSTAR
You still work there and contribute? Get a company match?
I don't think you can rollover an active 401k.
I don't think you can rollover an active 401k.
Posted on 6/12/15 at 8:15 am to LSUSUPERSTAR
How old are you? In service distributions are allowed in some plans but you would typically have to be 59.5 years old.
Posted on 6/12/15 at 8:50 am to LSUtigerME
quote:
I don't think you can rollover an active 401k.
Correct.
Posted on 6/12/15 at 8:59 am to TigerDeBaiter
quote:
I don't think you can rollover an active 401k. Correct.
Yes you can, but it depends on the plan. Wal-Mart allows it, UPS allows it and Caterpillar does too.
Posted on 6/12/15 at 9:09 am to LSUSUPERSTAR
quote:
Could I roll it over to an individual ira account
Only if it's an individual retirement IRA account
Posted on 6/12/15 at 1:13 pm to LSUSUPERSTAR
It all depends on what the balance is. You can roll it over to an outside investment. There is a provision in ERISA that allows you too.... However, you have to meet certain qualifications. You may or may not qualify.
Posted on 6/12/15 at 4:18 pm to Janky
quote:
Yes you can, but it depends on the plan. Wal-Mart allows it, UPS allows it and Caterpillar does too.
Interesting. I wasn't aware of any companies that allowed that either.
Do they allow you to continue making contributions to their plan (and getting a match,) or do they discontinue your participation in their plan after you've done the rollover?
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