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How can i find my 401k for key?

i used to work for key enery in liberty texas and move to california just want to know how can i roll it over or collect since i dont work for key anymore

May 29, 2013 by jorge from Brentwood, CA in  |  Flag
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Jason Hull Level 20

Go here and click on the Form 5500 Data tab: http://www.brightscope.com/form-5500/basic-info/13325/Key-Energy-Services-Inc/13510/Key-Energy-Services-401k-Savings-And-Retirement-Plan/

That will give you the plan administrator's contact information. You can update your contact information there so that you can receive updated statuses on your 401k.

Unless you fall into one of the following categories, you'll face an early withdrawal penalty of 10% if you withdraw before age 59 1/2:

You die and the account is paid to your beneficiary You become disabled You terminate employment and are at least 55 years old You withdraw an amount less than is allowable as a medical expense deduction You begin substantially equal periodic payments Your withdrawal is related to a qualified domestic relations order

I'm a fan of rolling over into an IRA because then you have a world of investment options rather than the limited menu the 401k provider gives you. You can ask the brokerage of your IRA for a rollover kit and they can walk you through it.

One caveat to this strategy, though, is if you plan on retiring before age 59 1/2 and would need the money that is currently in your 401k to fund your living expenses from age 55 through age 59 1/2. If that's the case, keep the money in the 401k.

Comment   |  Flag   |  May 30, 2013 from Fort Worth, TX

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As always, best thing to do is to either roll it over to your new 401k (if you're currently employed by a company that has a 401k, AND you're eligible), or to an Individual Retirement Plan (IRA). As for "collecting" your 401k, unless you're 59 1/2 years or older, you will be subject to a 10% penalty. Whether you're 59 1/2 or not, you'll also be subject to Federal and State income tax on the proceeds. Thus, I would recommend rolling it into your new plan, or into an IRA Rollover account. Hope this helps... if not, please let me know and I or one of my colleagues will be happy to help.

Best Regards,

Rod Miller

Comment   |  Flag   |  May 29, 2013 from Springfield, MO

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Rich Winer Level 20

Jorge, My colleagues have provided you good advice and information on how to access and rollover your former company retirement plan. If you would like more personalized help with rolling over the money in your 401K and managing the proceeds (in addition to other financial planning services), my firm, Winer Wealth Management, is located in Woodland Hills and I work with other individuals in Brentwood and surrounding areas. Please feel free to explore our website at www.winerwealth.com and contact me if you would like my assistance. Good luck.

Comment   |  Flag   |  May 30, 2013 from Woodland Hills, CA

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Jorge, to find your 401(k), if you have an old statement, there should be a phone number for the plan administrator. Every plan has a plan administrator, and as the name implies, they administer the plan.

If you cannot find an old statement, just call HR and get their number. Call them, and at least give them your address change. Also check to be sure the beneficiary is still who you want it to be. Over the years, this tends to be overlooked; just be sure you don’t need to make any changes. The plan administrator can also give you directions to the online portal where you can monitor your account. It is very easy.

To roll it over, go to a financial advisor, or any financial institution of your choice, and they will arrange to transfer the funds. You do not want a check sent directly to your name; that will trigger taxes, plus a penalty if you are not 55.

As money in a retirement plan, you should keep it earmarked for retirement, and resist the temptation to pay taxes an penalty. You will likely need it more when you retire than you need it now.

Comment   |  Flag   |  May 30, 2013 from Delray Beach, FL

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