Answers in Retirement Plans

Your personal retirement plans will have to be your primary method of funding your retirement and you should consider all the tools at your disposal to plan for and achieve your retirement goals.
1 vote
Billie, you're in the right place. If you can follow up with the name of your company from the '90s, one of these sharp advisors can get very specific for you if needed.
1 vote
As an investment advisor for 401(k) plans, I have helped many of my plan sponsors in their review of QDROs received from their employees' former spouses. Additionally, we pass them on to the plan's third party administrator. The QDRO is reviewed by ...(more)
2 votes
Diane, I am not sure of your age, but you will also have potentially several options available to consider regarding Social Security and how you access your benefits or even his. If you or he are older and approaching 62, please advise and I can share ...(more)
2 votes
As noted, a pension plan may have certain restrictions regarding payouts, but I believe (and I will defer to the CPA's in the community) distributions from a qualified retirement plan as a result of a QDRO are exempt from the 10% early distribution penalty. ...(more)
3 votes
Steven Kaye Level 5
Diane, If your husband's plan is a qualified plan, you might be able to receive as part of your divorce settlement Qualified Domestic Relations Order (QDRO),a court judgment, decree, or order. The QDRO specifies what the plan administrator is to do with ...(more)
2 votes
This is usually plan specific, but in general, the plan likely has payouts related to the employee's age, time at the company and his status (retired or still employed). Any early distro would likely decrease the benefit amount. If the retirement were ...(more)
0 votes
Robert, If your loan settlement becomes a distribution, depending on its size, you may need to file a quarterly estimated tax return. The IRS wants you to be with in 90% of the taxes due for the year when you file your annual return Failure to be near ...(more)
0 votes
Call Mockenhaupt at 800-405-3620 and ask for a Benefits consultant. They will need your name (maiden name) and tax id. Also, if you have any old pay stubs, you can see if you were contributing to the plan or whether there was any company match. A ...(more)
1 vote
First of all, did you contribute to the plan? If so, I too would recommend calling your former employer with all of your personal information and simply ask. If you had under $5000 in the plan, they could have disbursed it. Here in Illinois, if they ...(more)
2 votes
All you have to do is call the HR department at the company (assuming its still in existence) and ask them. Armed with your maiden name and social security # and other identifying info, they should be able to tell you. If the company was sold to another ...(more)
2 votes
All of these answers are excellent. I would also advise making sure you have updated your beneficiaries on these accounts. Simple things like this can be just as important as more complicated investment decisions.
3 votes
Jim Hofheimer Level 4
Your choices are to roll over to your new employer's plan or roll into an IRA. I would work with someone to find out whether the new employer's plan is low cost with good options before deciding.
3 votes
Ansu, There are a few things to consider. 1.) What is your level of investment experience? 2.) Do you feel comfortable going at it alone with an online broker dealer (i.e. Schwab, TD, or Fidelity)? 3.) Do you have the time and energy to do some research ...(more)
1 vote
You have received lots of good answers but I'll add my two cents. A lot depends on your personality. If you are the kind of person who wants the maximum amount of freedom of choice, you will roll the 401k over into an IRA with an investment firm like ...(more)
5 votes
Peter C. Karp Level 20
Jim As all of the other advisors have stated, a highly compensated employee (HCE) as defined by the IRS is an individual who: 1) Owned more than 5% of the interest in the business at any time during the year or the preceding year, regardless of how much ...(more)
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