If you leave a job and go someplace else, is it okay to just leave your account there with the old job? Is there a time frame when you should remove it, and place it at your new job? Also, you wouldn't be putting money in it anyway, or would you have to have an agreement with your last employer??
2007-10-25 21:48:09 · 3 answers · asked by what u talkin' bout? 7 in Business & Finance ➔ Personal Finance
There are rules and regulations. If the account is over $5000 (with an employer size clause as well), then they have to let you leave it.
The real question is why? You get much more flexibility in investments if you control it in a rollover IRA. Why wouldn't you get it out of there? You can choose the exact same investments if you want...
good luck!
2007-10-26 06:18:51 · answer #1 · answered by Rush is a band 7 · 1⤊ 0⤋
It depends on the old empoyer's plan. Some plans allow you to leave it, some require you to withdraw it. Check with the plan trustee promptly. Some plans will automatically cash it out after a certain period if you do nothing.
The best thing to do is to roll it over into an IRA. Its easy to do - banks, mutual fund houses and brokerages all have IRAs available.
2007-10-26 10:08:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I have never left money at an old job
most of the time you have a 30/60 day time frame to move it out
DO NOT CASH IT OUT that is how you get taxed and penalized
just move it over
Call the financial company holding it and have it either moved to your name and out of a direct deposit account or move it to another account you have someplace else
remember if you just move it around without getting A CHECK you don't get taxed.
2007-10-26 05:30:06 · answer #3 · answered by elite_women_rule_the_rock 6 · 0⤊ 2⤋