Answers in Retirement Plans

Your personal retirement plans will have to be your primary method of funding your retirement and you should consider all the tools at your disposal to plan for and achieve your retirement goals.
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Peter C. Karp Level 20
Hi Melissa I am sorry to hear about the mold problems you are having in your house. I suggest that you obtain a copy of your Summary Plan Description (SPD) from your employer to find out all of the distribution options available to you. The SPD dictates ...(more)
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Hey Melissa, These plans are unique to the company's that establish them. If they are saying that you can't move it until 59, there may be no other recourse. Feel free to reach out to me personally if you want someone to look through the plan documents ...(more)
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What do you mean "pull your 401(k)"? Are you still employed there? Is this a hardship withdrawal or loan? Are you trying to cash out completely? 401(k) plans are complex and heavily regulated. If you could provide additional background information, ...(more)
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Karl Klingmann Level 2
ERISA does not require pension and profit-sharing plans to provide for lump-sum distributions. Lump-sum distributions are possible only if the plan specifically provides for them and only if you meet the plan's eligibility requirements. Other payment ...(more)
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Randy Brunson Level 10
Good morning, In order for the plan to offer passively managed funds, the plan sponsor (employer) or whoever makes decisions on behalf of the sponsor, would need to choose to include passively managed funds in the plan. They would then need to connect ...(more)
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Hi Gregory, Unfortunately, I will need more information to properly help you locate your annuity. However, here are a few pieces of information I will need to help you further. Did you purchase the annuity through a private insurer or is this though ...(more)
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Peter C. Karp Level 20
Hi Ralph This is a great question and it is good that you are taking an active interest in fees associated with your retirement account. With regards to a 401(k) plan versus an IRA, each of these vehicles have a different fee structure and within each ...(more)
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Ralph - costs vary widely and it's often difficult to discover what all the costs are. 401(k) plans typically have higher administrative and reporting costs than IRA accounts. Somebody has to pay those added costs. Many plan sponsors choose to pay ...(more)
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Tunc Tanin Level 10
I have seen it both ways. One thing to remember, you have no control over which funds go into your 401K, the company can change them any time. Your company can merge with another company and you can find your 401k fees suddenly double. There are also ...(more)
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It depends, but it can definitely be the case where 401k costs are higher than IRA costs. Every plan is different. so it's important to see what your 401k plan offers. I've come across the situation that you described, but like you mentioned, the match ...(more)
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The easiest solution to finding out the balance in your profit sharing plan is by calling Human Resources at your company. They should have that information for you. I also suspect you have been or will be receiving regular statements. If not, ask ...(more)
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Gary Ray Duell Level 15
If you're recruiting for partners, team members or actual employees then I recommend you master LinkedIn search and networking. Facebook groups can be useful too. But the best strategy is to be upfront and specific about your "opportunity" and why you ...(more)
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Gary Ray Duell Level 15
Better get a second opinion on your plan before doing anything. The most important question, though, is why? Are you unhappy with the 401(k) performance? Is it shrinking instead of growing? Do you feel ignored? If you still work for the company that ...(more)
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Travis Hensley Level 1
The first thing you should do is talk to a tax professional about the tax burden involved with a 401k withdrawal. Are you doing a full-withdrawal? Why? How are old you? <--- Those are all questions that need to be answered. Then speak to a investment ...(more)
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