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I am trying to find out how I can get access to my funds in a 401K plan.

I am no longer employed with the company, I haven't been for 18 months. I just received papers telling me that I have money in a 401K plan, but have been getting the run around on what I need to do or who I need to call in order to obtain the funds.

Oct 14, 2014 by Colleen from North Port, FL in  |  Flag
4 Answers  |  8 Followers
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Todd Warner Level 8

Colleen,

I hope by now you have resolved the problem with your 401k plan but in case you haven't, here's a few steps. First, don't contact your old company, they won't be able to help you with your 401k. There should be a separate statement from an investment company or insurance company who administers the plan for your old company. Contact them and let them know that you wish to access your account. You can either roll the money over to an IRA account or withdraw it from the plan entirely. Just know that if you withdraw the money, you'll have to report it as income on your tax return and it will be subject to taxes and possibly penalties. If you don't need the money, the best option is to roll it over to an IRA where you'll have more control over the account. I hope that helps. Good Luck.

Comment   |  Flag   |  Aug 19, 2015

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Urban C Fleming Level 8

Colleen,

1) Contact your old company to find the seperate company that is holding those funds. 2) Open an IRA at your bank or with your planner/advisor as a better option. 3) Tell your advisor/planner what company, and the account number, and their firm or you will request it.

Comment   |  Flag   |  Oct 22, 2014 from Jacksonville, FL

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It's odd today to be getting the runaround by a 401(k) provider. The statement should provide with an 800 number to call which will allow you to talk to a customer service representative or the name/number of the broker who is handling the plan. Either way, this number should allow you to access your account and determine whether you want to roll, take, or leave your assets from your existing 401(k) plan. If you have any trouble, just phone me and I would be happy to help you.

Comment   |  Flag   |  Oct 22, 2014 from Alpharetta, GA

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Brian Kuhn CFP® Level 17

Hi there thanks for reaching out. You need to contact the human resources department of your former employer or the investment provider of the 401(k) plan. The contact information for the 401(k) provider can be found on your statements if one of those is available. Feel free to contact me via email to continue the conversation.

Comment   |  Flag   |  Oct 23, 2014 from Fulton, MD

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