Call your BENEFITS Department with AVIS-BUDGET GROUP at 1-866-827-2347. Inform them that you are now retired and you wish to know of your options.
If you are over 59 1/2 you are eligible to withdraw any 401K-related Retirement Plans and roll them over into an IRA ROLLOVER ACCOUNT; however, you must pay taxes on whatever you withdraw. If you are under 59 1/2 you are subject to a 10% penalty if you withdraw.
The IRS states: Regardless of your age, you will need to file a Form 1040 and show the amount of the IRA withdrawal. Since you took the withdrawal before you reached age 59 1/2, unless you met one of the exceptions listed in Publication 590, you will need to pay an additional 10% tax on early distributions on your Form 1040. You may need to complete and attach a Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, to the tax return. Certain distributions from Roth IRAs are not taxable.
I suggest you open an IRA ROLLOVER Account at a broker/dealer (like CHARLES SCHWAB & CO.) and transfer all of your Retirement Savings/Assets into this account. This will give you more control over your investments. If you need any help on how to invest or plan for your future feel free to contact me directly or read what I can do for you as a Registered Investment Adviser here at my website: http://www.veronacapitalria.com/
I would be happy to assist your further with your retirement planning.
You indicated that you retired, congratulations! However, you may want to check to see how the Avis Budget Plan defines the retirement age. In most cases, that is age 65 and in many cases plans have an early retirement age too (e.g., age 55). Although rare, some plans do restrict payout until you reach the retirement age defined under the plan even if you terminate employment. If you have reached retirement age under the plan then all is ok. The best place to find this information is in your plan's Summary Plan Description (SPD). My assumption here too is that the Avis Budget Plan is a defined contribution plan, which means you can in all likelihood get a lump sum payout that can be rolled to an IRA. I hope this helps. Best of luck to you. John
I will assume that you are receiving your quarterly participant statement and that it shows a balance. The best way to find out how much of your account is available to withdraw is to call the contact phone number found on your participant statement.
But in general any contributions you made to the account and associated gains (and losses) are always yours to take with you. If your employer made contributions then you may or may not have ownership of those contributions. Typically you must work X number of years to own 100% of your employer’s contributions. A typical schedule is 0% for 1 year of employment, 20% for 2 years, 40% for 3, 60% for 4, 80% for 5 and 100% for 6. But there are other schedules as well. The IRS allows employers the flexibility to adopt different schedules, called vesting schedules. These can range from immediate vesting to 100% vesting over 7 years. Also the definition of the number of hours you must work to earn 1 year of employment can differ from plan to plan.
Hope this helps.
Of course its available, after all it's yours. You just have to contact the Plan Adminstrator or Custodian to inform them of you intentions - Rollover to IRA, Lump Sum withdrawal, etc.
Call the phone number on your most recent plan statement. Or, here is a link to Avis Human Resources where you can submit a query on-line: http://www.avisbudgetgroup.com/contact-us/avis-budget-group/human-resources/