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Started By
Message
Another 401K ?
Posted on 4/15/12 at 8:09 am
Posted on 4/15/12 at 8:09 am
I accepted a manufacturing position 4months ago, breaking out of contractor work. I got a direct position with a chemical plant. this positiont is more or less a stepping stone. I'll probably only stay another 8 months or so. do I contribute to the 401k plan knowing I'll be leaving?
my concern is penalties and such when I pull it out to go to my next gig....
my concern is penalties and such when I pull it out to go to my next gig....
2
Posted on 4/15/12 at 8:29 am to Kolbysfan
Yes, unless you have debt somewhere else, excluding a mortgage payment.
No penalties as long as you roll it over into another plan (think IRA).
No penalties as long as you roll it over into another plan (think IRA).
Posted on 4/15/12 at 8:33 am to Kolbysfan
You can transfer the 401K into an IRA without any penalties. My main question would be if the company matches any contributions, and if the matching contributions are fully vested after day 1, or if it is graded (I.e. 20% vested after one year, 40% after 2 years, etc)
This post was edited on 4/15/12 at 8:53 am
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