Answers in Other

Romika, just contact HR for requirements, if they allow it. But as others have pointed out, you should not be borrowing from a 401(k) unless it is a true dire emergency. A 401(k) is intended to save for your retirement. If you contribute to a 401(k) you should consider that money as not a liquid asset. Think of it as gone. When you reach retirement age, you may likely need it more than you think you need it now.

HI Romika! I have to agree with my fellow advisors, here. Ask yourself if it is truly a financial emergency. This could be something as dire as a job loss or medical need. If you "need" the money to make a purchase, then you may want to rethink your savings plan. Work toward building up cash reserves of 3 - 6 months worth of income, then work toward building your retirement. This will give you a cushion of funds so that you don't have to dip into your long term savings to fund a short term item.

You can contact your current, or former, employer's HR department. They should have a person designated as the plan administrator. They are the go to person in the company for the 401k. If you have received a statement from your 401k plan, there should be a phone number or address of whom to contact with questions.

David

Romika,

You should make an appointment with your HR plan administrator. They will be able to walk you through the necessary steps to obtain a loan, if your plan allows. The process is usually pretty simple. Sign a form with the stated amount, an interest rate, and a payback period. It is sent to the plan custodian and a check arrives a few days later.

Caveats,

A 401k loan can make sense when you have to borrow money and you have no other options. So, your 401k should be a last resort. While a 401k loan has some benefits, I think it should generally be avoided except during a genuine financial emergency.

David

Romika,

I would start by talking to your HR department at work. The Summary Plan Description (which they should have) will state whether you can and how you do take loans from your 401(k).

With that said, loans from 401(k) plans should be very carefully considered before they are taken. Borrowing against your retirement is risky. Additionally, if you lose your job with your current employer or leave by your own choice the loan is payable in full or it becomes a taxable distribution which may also be subject to penalty.

Henderson, if the acquiring company took on some of the employees of the previous employer, they may very well have rolled the former employer's retirement plan into their current retirement plan.

I would start by calling Human Resources at the acquiring company. Keep in mind that the person you are talking to may have been in grade school when this acquisition took place, and may not have any idea of what you are talking about. You need to ask that person who you can talk to find out. You will need to persevere because you are on a forensic search. Ask for the number of their plan administrator. Every retirement plan has a plan administrator; they are the entity that actually does the distributions.

You can search for unclaimed pensions at the Pension Benefit Guaranty Corporation (PBGC) website http://search.pbgc.gov/mp/mp.aspx I would also check with your states 'Unclaimed Property' fund.

I don't know what you are referring to as your 'Social security company' but if someone told you that you had a pension, I would get back to them and ask where it is.

Matthew,

Anything is possible... but, there are no guarantees.

While I don't condone the use of "past performance" as a sole indicator, if you look at the "25 year average" return of the S&P 500, there have only been two instances where the 25 year average has been less than 8%. Of course, you also need to understand your own tolerance for risk, as well as consider the effect of fees or commissions.

I'd strongly advise you engage the services of a qualified professional to help you determine your tolerance for risk, and the best way to accomplish your goals.

Good Luck,

Rod

Not having any other information regarding your previous employer, I'd suggest the following:

Contact EBSA electronically at www.askebsa.dol.gov or call the EBSA toll-free Hotline at 1.866.444.EBSA (3272) to speak to a Benefits Advisor if you have questions about your options during a bankruptcy. For more information about rights to coverage, visit our Web site at www.dol.gov/ebsa.

Hope this helps... if not, please post back here.

Rod

Follow Jason's like above. If you don't have any luck there, contact the company's human resource department. Depending on where you worked (Texas I assume), their contacts are as follows:

Houston 3200 Wilcrest Drive Suite 210 Houston, TX 77064 Tel: 713.358.8540 Fax: 713.334.2690

San Antonio 18756 Stone Oak Parkway Suite 200 San Antonio, TX 78258 Tel: 210.998.5590

Good luck,

Rod Miller, CFP, CLU, ChFC

Typically on an ESOP, you are entitled to redeem your shares when you leave the company, though the company may make you wait until they come up with an ‘appraised’ value. Get a Summary Plan Description from HR; it will spell out all the details

That is also a ‘vesting’ schedule, either a grade vesting between years 2 and 6 of employment, or a cliff vesting, starting in year 4. Also, for taxation purposes, a distribution is treated as a 401(k); that is, you are taxed on the distribution as if it were earnings, and if you are under 55, there is a 10% penalty.

My recommendation is, unless there is a dire emergency, to roll it into an IRA. There would be no current taxable event, unless you convert it to a Roth. More importantly, this money was earmarked for retirement purposes. Most people will need it more at retirement than now. Chances are you will retire some day, or die trying.

Roger, Is this an Employer Stock Ownership Program? If yes, they are a little different than your typical 401k plan when you terminate or retire. I would suggest you ask the Human Resources Department for a copy of the Summary Plan Description. This SPD will outline what happens at termination and when you are eligible for a distribution. In some cases, you may wait a certain number of years in the future for the distribution. (i.e. You are eligible for a distribution after 5 years from your termination date). Every ESOP is different on their policy for distributions. You could also consult with your financial advisor on your options when you are ready to take a distribution. Happy Retirement Planning!

Call Human Resources and get the phone number of the Plan Administrator. The Plan Administrator can answer your questions and also give you directions to access the online portal, where you can review your account anytime. Also you should have a recent statement that will show your loan balance

Hooah. Ft. Huachuca was going to be my next duty station before I got out of the Army.

Here's the contact information for the plan administrator for Dell:

PLAN ADMINISTRATOR INFORMATION Administrator Name Ocarina Networks, Inc. Address One Dell Way Rr1-33 C/O Nicki Huschka Round Rock, TX 78682 Telephone (512) 338-4400

You could also try the local office of Dell at Ft. Huachuca - these people won't be the right ones, but they can probably direct you somewhere (though I'd try the Round Rock office first): http://www.dell.com/Learn/us/en/rc1009777/fed/federal-contacts-army?c=us&l=en&s=fed&delphi:gr=true