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Lonnie D Mclane Level 1
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 ...(more)
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Lonnie D Mclane Level 1
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, ...(more)
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Lonnie D Mclane Level 1
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 ...(more)
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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 ...(more)
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Samuel, It really depends on the rules laid out in the plan document. You should have access to Summary Plan Description which will say if loans are permitted and in what cases they are permitted. If you don't have the document, contact your HR.
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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 - ...(more)
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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 ...(more)
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Nicholas, Your plan documents might allow for a 401(k) loan up to 50% of your 401(k) account but you will have to pay it back. I recommend Reading a Dave Ramsey book.
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Most 401k plans will not allow you to take premature distributions before the age of 59 1/2 if you are still employed. The exception to this is for financial hardship, but credit card debt will most likely not count towards that exemption.
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Not exactly sure what type of plan you are referring to but typically you'll want to enact a "trustee to trustee" type transfer, so you can avoid taxes, when you roll it over.
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Justin, If you have funds in a 401(k) that you deferred or employer contributions that you were fully vested in then the money is this there for you.
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Unless each HSA Bank offers an advantage, two accounts will just complicate things for you. the reporting will be a mess and you might accidentally defer excess contributions and that could be expensive.
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John, I'm sorry for your loss. Often you will need to contact your father's financial advisor or employer with an Official death certificate. If you would like to discuss please email or call 770-954-8823. Sincerely, Stephanie
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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. ...(more)
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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 ...(more)
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There are no tax consequences for moving retirement funds from one account to another retirement account once a year. The release of funds from the former employer depends of the type of plan and how it is written. You say pension plan so I don't have ...(more)
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Your HR probably gave you a summary plan description when you became eligible to join the plan. If you do not have those materials or the related website, Brightscope actually has a ton of plan information.
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Jacqueline, You should be receiving statements quarterly by mail or email. If you are still working for the company, you can find out if they have loan provisions and if your need qualifies. Otherwise, if you take money directly out of the plan, you ...(more)
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Rob Spadaford Level 1
Hello! I would start by calling and asking your employer's Human Resources Department - or call their corporate main phone number. They can let you know who, how, and where to inquire about your 401(k). Good luck - Rob Spadaford
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Rob Spadaford Level 1
Hello! I would start by calling your Human Resources Department at Sports Authority - or call their corporate main phone number. They can let you know who, how, and where to inquire about your 401(k). Good luck - Rob Spadaford
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If you have an old statement, it should have a phone number that you can call to get updated information. If you need to update your mailing or email address they will likely need you to sign a form and return it to them. Some plans allow you to leave ...(more)
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RMDs are important and if not taken can result in a penalty of 50% of the amount you were supposed to take out of your account. There is a specific minimum distribution based on your age and the value of the account and it is recalculated every year. ...(more)
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770-954-8823
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Once you meet your RMD for the year, you can invest the money in any taxable account that you choose. An interesting possibility is instead of taking a distribution of cash, taking a distribution of the appropriate value in securities (stock, bond, mutual ...(more)
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Each statement should have a phone number for a service department on it. If you haven't been receiving paper or email statements, call the HR department of each company.
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You should be receiving quarterly statements for your 401(k) account. It is nest to call the HR department and see if they have an old email and/or physical mailing address on file. I can discuss in greater detail if you contact me directly and discuss ...(more)
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No, the cannot delete your account. I would contact the Sharp HR about your account. Are you still working for the company? If not, you could roll the 401(k) into an IRA account and have more control over it. However, you may have benefits to leaving ...(more)
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Herbert N Glass Level 18
To determine if you can get a plan loan from your 401(k) plan, you may do the following: When you entered the plan you should have been given a Summary Plan Description ("SPD") from your employer or the financial institution that holds the 401(k) monies ...(more)
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Contact the HR Dept at that company. Ask for the appropriate forms to either cash out your balance (and pay taxes on it) or roll it over to another Retirement Account (IRA, 401k,etc)
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You will need to wait until 59 1/2 to start taking with drawls without a penalty
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First, who is the plan provider.
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Wonderful! I always love unexpected money. Do you still have contacts at the company? You should have been getting statements at least annually on your benefit. One way or the other, contact the company, find out who to talk to about your retirement ...(more)
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First off, whatever you do, don't let anyone talk you into rolling it over until you have all the information you need. Why? If you leave your company after age 55, you can access your 401k money without the 10% penalty. If you roll it to an IRA and ...(more)
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The plan is required to provide that information to you at least annually, but you can request it at any time. Contact the plan administrator and ask. Are you specifically asking about how much is in your account, or the plan as a whole?
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Your 401k plan should have an established process. Contact whoever is in charge of your plan and ask how to start it. They will require you to provide information on what your hardship is, and what other financial resources you have available. They ...(more)
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As of a couple of years ago, they had some good target date funds with low expense ratios. I haven't come across them recently but I gotta imagine that those funds are still available.
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Jean Fullerton Level 1
You will owe tax, at your income tax rate, when you withdraw money from the account. Contact the company where your bother worked, or the custodian that holds the 401k to see what your options and requirements are for the account.
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Jean Fullerton Level 1
If you were listed at the sole primary beneficiary on your husband's IRA account you should be able to contact your adviser and/or account custodian and have them send you the forms to rollover his account into yours. If you are over 70.5 note that you ...(more)
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Contact your company benefits office or HR department.
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Contact your benefits administrator. They should be able to provide you with the information you seek.
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Roth conversions are taxable as ordinary income the year the conversion is made. I would suggest only converting an amount that will not push you into a higher tax bracket. If your tax bracket will be lower once you retire, that might be the time to ...(more)
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Roth IRAs are not taxed at all (as long as you are over 59 1/2 yrs old & have had the account open for more than 5 years. Withdrawals from your 401(k) will be taxed at the same rate as ordinary income tax (no penalties as long as you are over 59 ...(more)
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There are many types of loans out there - each are utilized for a specific purpose and are based on different aspects of your life (personal credit score, collateral (an asset like a home, car, or investment account)). The different types are: Open-Ended ...(more)
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The company address is listed as 160 Pacific Avenue, Suite200, San Francisco CA 94111, I would call them on 415.875.1000 or go to the website www.norcalwaste.com. You will need to find out who controls the ESOP on behalf of the company.
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This will depend on the plan type as there are restrictions placed on the different types of plan. Investopedia back in December 2015 posted an article stating "The majority of companies offer some sort of matching contribution for an average of 2.7% ...(more)
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You would need to contact the retirement company (Plan Sponsor) who runs the 401K. They can provide you with the statement of account showing all the investments and their value. Some offer online portals others will mail you the statement
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You will need to contact the plan sponsor. Their name should be at the top of the statement. You can contact them directly and discuss the options available. There will be a penalty to pay depending upon your age in addition to income tax. I would discuss ...(more)
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At the age of 70.5 you will be required to take out your (RMD)Required Minimum Distribution. The RMD is as it says the minimum distribution. The RMD is taxable as income for the year you receive it and each year after that. Taking the funds out and placing ...(more)
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Hari, You do have a lot options on how to handle your retirement savings. Are you currently working? Do you have a plan with your current employer? The investment choices and if you are wanting to contribute more should be the driving factors in your ...(more)
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Hey Hari, an IRA is an investment bucket, like a 401K plan. However, you can do anything in an IRA. You have limited choices in a 401K. To roll over a 401K, contact the HR department of your previous employer and have the check put into an IRA with ...(more)
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