Do I still have 401k?

Question

The company that I worked for offered 401k. I signed up for it.
I worked there 4 years. I left, do I still have that?
Don't really understand.

Answer 1

If you contributed to it you do. You need to contact the HR department of that company. They may be charging you a fee because you no longer work there. If you still have one consider moving it to an IRA or rolling it over to the 401(k) of your current employer, if working.

Answer 2

Did you set-up any payroll deductions? Do you get a quarterly statement?

I suggest that you contact the company HR department and find out if you actually have an account.

Be aware that many companies will cash out small balances (i.e. under 5,000) and make you roll over to an IRA. Do not accept a check directly from the company as you will have to pay a penalty and tax on the withdrawal.

Answer 3

Have you been getting statements regarding the balance in your 401(k)? You may or may not have a 401(k) balance that you can roll over. It kind of depends on whether or not you made contributions to that 401(k) and if your employer made any contributions. If you made no contributions, it's possible that you weren't "vested", meaning that you may not have worked there long enough to receive your benefits. Your best plan of action at this point would be to call your former employer and ask what's going on. They have a legal obligation to give you your options if you have a balance (keep it there, roll it over to a retirement plan of your choice, roll it to your new employer's plan, or cash it out).

Answer 4

Any money you put in belong to you. The company has to either let you keep the 401(k) or take the money out.

Taking the money out, however, means transferring to another 401(k) or an IRA. DO NOT TAKE IT AS CASH, or you will have IRS fines and taxes to pay.

However, if you had any matching, they don't have to let you keep it if it didn't "vest" before you left.

Answer 5

yes you do.