Can i transfer my 401k from my old job to my new 401k plan @ my new job?

Question

I recently switched jobs and my 401k plan @ my last job is sitting idle. Is it possible to transfer it to my new plan at my new job or should i consider something else.

Answer 1

You have several options for your 401K.
1) You can roll it over to your new employer often at little to no cost to you. This is convenient because the amount of effort by you is minimal.
2) You can keep it where it is at. This is the lazy way out, unfortunately often times your previous employer may begin to charge you fees to hold the account for you.
3) You can convert your 401K to a Conduit IRA.

Best wishes on what you decide, take care and have a great 4th!

Answer 2

The money you contributed should still belong to you. I believe you can leave that money in the old company's plan or roll it over to an IRA. You should be receiving statements, probably quarterly, from the 401k administrator. Did you move and not give them the new address? I suggest contacting the plan administrator to change your address (if necessary) and find out what your options are on what to do with the money. You could try checking an old statement to find out the phone number to call, or calling someone you know that still works there to find it for you, or calling the company.

Answer 3

It kind of depends on the way your new company 401(K) plan is set up. Most plans will let you roll an old 401(K) into to a new 401(K). You could also roll it into an IRA at almost any financial institution you want.

Answer 4

I would roll it over into a IRA at Fidelity or T Rowe Price. That way you have control of your money, and you are not limited to the investment options that are typically "chosen" for you by most companies !! That's what I did, and it opened a whole new world up !!

Answer 5

A. Don't use anyone from Yahoo Answers for specific investment advise.

B. You have many more choices if you rollover your 401K to a broker/investment firm like;
Schwab
Fidelity
T. Rowe Price
Vanguard

Almost always this is the better route to go then bringing the cash to your new employer's program....... I personally think it would be a very big mistake.