Do I have to tell my employer that I want to withdrawl from my 401K?

Question

Or can I just call the Company that it is held with?

Answer 1

If you are making a hardship withdrawal, your employer may have to approve it. It depends on how your plan is set up.

Answer 2

It sounds like you just want some of the retirement money. Some companies have both a "savings" (already taxed through your payroll)plan and a "deferred" plan (not yet taxed ). Some let you w/d from the savings plan without questions but may have a penalty of no matching funds for a while. The Deferred Plan lets you w/d with a hardship case, first house, divorce etc but taxes the money and the same or a similar penalty as above. Since the 1990's you can borrow your own 401K money and pay it back through payroll deductions and also the interest goes back into your acct.(as opposed to a bank as in a conventional loan) if you can believe that. In the style of 401 where the co. puts all the money in depending on your hours of work, I do not know the consequences. Call your acct representative for details on your own plan. Don't tell your employer unless the situation demands it from the details of the retirement plan. Employees do this all the time.

Answer 3

Do you mean " withdraw" as like in taking money out , or "withdraw; as in no longer participating.??