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I have 401 k out there from other jobs how can i find it and borrow from it?

Dec 08, 2014 by Joseph from Reynoldsburg, OH in  |  Flag
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John Essigman Level 17

Hi Joseph,

Maybe. Every 401(k) is different and is governed by the plan description. Some plans allow loans while others do not. Most plans do not allow loans once you leave their employment and generally require the loan be repaid within a certain time period after employment ends. It the loan is not repaid then it is treated like a distribution. Contact your employers H/R Department, benefits administrator, or the custodian and request a copy of the Summary Plan Description. You can also simply ask them if your plan allows a loan and the forms required.

You may be able to roll your former employers 401(k) accounts into your current employers plan. Again, discuss this with your benefits administrator.

Best Wishes.

Comment   |  Flag   |  Dec 09, 2014 from Cleveland, GA

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