I'm not sure what steps to take to find out where my money is. I've received no communication from my former employer or the financial institution that had my money. Is it possible that I will never see it again? Please advise.
2007-07-13 08:36:49 · 7 answers · asked by my3boyz 1 in Business & Finance ➔ Investing
The money is still there. Contact the financial institution that was custodian for the 401k program at your old job and then you can roll it over into a Rollover IRA and even leave it there and opt to receive statements if you like the investments you chose.
2007-07-13 08:53:51 · answer #1 · answered by PK 5 · 0⤊ 0⤋
Write to (or call) the company that you worked for. The HR or Benefits department will help with the forms that you need. You will want to transfer the funds directly to your new employer's 401k or into a rollover IRA. If you go the IRA route, Fidelity or T Rowe Price, etc. will make it very easy for you...just give them a call.
2007-07-13 16:36:00 · answer #2 · answered by skipper 7 · 0⤊ 0⤋
That money is yours, and you are entitled to it.
Decide where you want to invest the money. (Like Fidelity, or Janus funds.) Call them and ask about doing a rollover. (A rollover is the best way to make sure you don't get penalized.)
Provide the name of the financial institution that holds your 401(k) now. You'll need account numbers, etc. They'll get you the forms you need and explain the process.
You should be fine!
2007-07-13 15:42:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can speak to your investment banker for free, or an invenstment couselor such as Edward Jones, Merrill Lynch, etc. and they can suggest a "tax-free" rollover account.
This is what was suggested to me after I left. The funds continue to grow and you will not be taxed for withdrawl or for cashing out, since you are rolling it over to a personal IRA, Keough, etc.
Speak to your banker or Edward Jones on the phone first, they can allow time to meet in person if you agree. Good luck with everything!
2007-07-13 15:50:31 · answer #4 · answered by joe_on_drums 6 · 0⤊ 0⤋
you are fine, dont worry about it
contact human resources to find the particulars of your account
contact vanguard or fidelity (choose one) and have them send to you transfer papers from 401k to ira
after the transfer is complete, all will be fine and you can better direct your money when in the ira
2007-07-14 12:17:01 · answer #5 · answered by zioncanyon 3 · 0⤊ 0⤋
you can leave it where it is, or, you can check with your new empliyer and see if their plan will allow you to roll over you old 401(k) into it (some employer plans do not allow it), or, as i just did last month, rolled over my 401(k) from my last employer into 2 different IRA's: 1 that is a modeled account for aggressive growth, and the other is self directed where i can buy/sell stocks if i wanted to.
2007-07-13 15:47:13 · answer #6 · answered by John S 4 · 0⤊ 0⤋
Go to the institution where you want to put your 401K money. They will do everything.
2007-07-13 15:40:59 · answer #7 · answered by MensaMan 5 · 0⤊ 0⤋