Trending Question and Answers Ask a Question

Although this information is correct, you should consult with an advisor to discuss you complete set of options, and if conversion of your spouses account should be maintained seperate and explore your most appropriate action. In addition, discussion of potential tax planning and beneficiary arrangements once title to you should all be considered prior to filing for transfer. Measure twice cut once makes a lot of sense here. Find an experienced advisor to address these issues.

My recommendation would be to arrange consultation with 2 or 3 advisors and discuss your situation and determine if seperation from you employer plan is an appropriate option, several circumstances may prevail you from rolling over your plan to an IRA, this can only be determined upon a complete and accurate review and assessment of your current situation and investment objectives. Certain personal issues may suggest retaining the employee plan being your best choice. Get professional assistance.

I am assuming you are actually referring to a Collective Investment Trust, which is often being used in typical 401k plans; if this being the case, and you are at the stage of having to take RMD's, then yes you would need to use asset in this account together with other retirement asset including IRA'S to calculate you RMD amount for year. This total can be taken from the appropriate retirement account not necessary to withdraw from each separate account. The Collective Invest Trust is similar to ETFs or Mutual Funds, hope this helps.

It depends on the plan sponsor and administrator. Can you request the funds online? Can you request over the phone? Are there forms to complete? If so, were they completed properly. It has been my experience that 7-10 days is typical. It can be sooner or take longer.
Is this request for a rollover to an IRA or a withdrawal of funds?

Jarrett,

Are you an employee or business owner? Employees - talk to your HR person to find details on any retirement plan that is available and what the requirements are such as age 21 and maybe employed for a certain amount of time.

Business Owner - This is not a place to learn from your mistakes! Best to work with an experienced professional- Stephanie at 770-954-8823.
All the best!

Stephanie Bacak, CFP

You should have received statements on any plans that you were a part of. Also for 401(k) only plan, you have to make a contribution to get a match. Profit Sharing Plans are money from the employer only. I would go back to old pay stubs or W-2s (Which should be in your tax return file), both documents show 401(k) contributions and deferrals. To check a W-2 look at box 12d.

Jennifer, I am sorry for your loss. You will need at least one copy of the official death certificate in most cases to see and have access to the assets. Which benefits? Social Security has a website and you can view what they expect to pay and when. https://www.ssa.gov/planners/survivors/onyourown.html If you are looking at benefits from his employer, you would need to contact them.
I can help more and personalize the answer over the phone 6770-954-8823 or email. Best Wishes, Stephanie

If you are still working there you might be allowed to take a loan from the 401(k). If you take the money completely out of the plan, you will be charged an IRS penalty of 10% and 20% in taxes will be held out for you. The Human Resources Department or the company that administers the plan can get you the proper paperwork.