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Leaving a Company
Posted on 4/14/14 at 2:49 am
Posted on 4/14/14 at 2:49 am
So I'm pretty sure I will be accepting a job with a different company and relocating shortly. I've been with this company since I graduated college and thus have never really "left" a company before (outside of random summer jobs).
What do I need to do as far as my 401K is concerned, and do I need to give them an address once I relocate to get my W2 sent to and anything else you might think would be helpful (outside of the obvious steamer on the boss's desk).
TIA!
What do I need to do as far as my 401K is concerned, and do I need to give them an address once I relocate to get my W2 sent to and anything else you might think would be helpful (outside of the obvious steamer on the boss's desk).
TIA!
3
Posted on 4/14/14 at 4:05 am to FootballNostradamus
This is what HR departments are for. The new company will have its own retirement plan. You'll do a rollover working with the companies who operate the 401ks (Fidelity, ING, etc.). Yes, you'll give HR your new address just like you would for all other regular correspondence.
Posted on 4/14/14 at 5:23 am to FootballNostradamus
I rolled by 401k over into an IRA. Then you have free reign of what to do with the funds.
Make sure you give at least 2 weeks notice. You never know who you will work for in the future.
They will get a forwarding address when you leave.
Make sure you give at least 2 weeks notice. You never know who you will work for in the future.
They will get a forwarding address when you leave.
Posted on 4/14/14 at 7:46 am to FootballNostradamus
Roll your 401k into an IRA, not the new company's 401k. If you roll into the new 401k you'll be limited to the investments offered by that plan. In an IRA you'll have way more options. And yes, leave a forwarding address with the current company's HR department as well as forward all of your mail via the USPS.
Also, check the new company's health insurance to make sure you're covered from day one. If there is a 30/60/90 day lag, make sure you either opt for COBRA or get a temp policy to cover you.
Also, check the new company's health insurance to make sure you're covered from day one. If there is a 30/60/90 day lag, make sure you either opt for COBRA or get a temp policy to cover you.
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