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How do i find out how much retirement i have even if i no longer work at m-tek?how do i go by getting it .

Apr 26, 2015 by calecia in  |  Flag
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John Essigman Level 17

Hi Calecia

Not certain if you are referring to a pension plan or a Qualified Plan such as a 401(k).

Every pension plan is different in how it operates and what it allows. Some plans will allow you to take a lump-sum, which can then be rolled-over into an IRA or 401(k) plan. Be aware that if you take a lump-sum and do not roll it over properly that you may be subject to the 10% early withdrawal penalty in addition to having it taxed as current income. Some plans do not allow withdrawals until you have reached a certain age and within certain parameters, such as lump-sum or annuity type lifetime payouts.

A 401(k) or SIMPLE can also be rolled over into a personal IRA. Similar rules apply to taking funds from a plan prior to a certain age. Be cautious as taking funds out of a retirement plan too early may derail your ability to live comfortably in your senior years.

Your best option is to contact someone in H/R or the benefits administrator, ask them questions, and get a copy of the Plan Document. You should be receiving statements from the custodian at least quarterly, so you may want to contact them directly and provide your email or mailing address for statements.

Better yet… consult with a fee-only advisor.

Warmest regards John Essigman

Comment   |  Flag   |  Apr 27, 2015 from Cleveland, GA

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Get in touch with the HR department. They will be able to guide you to the person that can give you that information.
While you are talking to them make sure that they have your current address, telephone number and email. If you are entitled to benefits you should have been receiving regular statements, so they may not have your contact information.

Good luck Tom Cooney

Comment   |  Flag   |  Apr 28, 2015 from Marlton, NJ

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Call the M-Tek HR Department at (931) 728-4122 or (615) 459-2964 and they can answer your question.

Comment   |  Flag   |  Apr 29, 2015 from Charlotte, NC

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contact HR and they will direct you to the proper location. I advice if you are under age 59 1/2 to find a financial professional to help you rollover the plan as fees and taxes can deplete the amount significantly if just withdrawn prior to retirement age.

Comment   |  Flag   |  Apr 30, 2015 from Boca Raton, FL

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Hi, if you really want to know how much you have accumulated in retirement benefits, total, not just from the last employer, you will need to check with the plan sponsors of all previous employers to see if you still have 401K balances remaining behind there as well. A plan sponsor is usually the administrator, and this entity usually handles the call center inquiries associated with any employee participation plan. As a financial planner I help people consolidate their left behind 401K balances either with rollovers to their new employer plan or to an IRA that my client controls, with my advice. You can find a planner to work with to advise you what would be the appropriate course for you depending on your goals, your savings rate, the amount of risk you will tolerate to grow your money, and how long you have to save before you retire.

Comment   |  Flag   |  May 08, 2015

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Brian Kuhn CFP® Level 17

Perhaps this article is helpful http://www.brightscope.com/financial-planning/advice/article/24529/10-Ways-To-Find-An-Old-401K-Plan/

Comment   |  Flag   |  Jul 29, 2015 from Fulton, MD

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