Just a quick question for the 401k experts out there...
In the past, I think you needed to have a 'qualifying event' before you could roll a 401K into an IRA (reached 59 1/2, retired, lost job, plan terminated, etc.). Is that still the case?
I have several old 401K accounts. I ended up keeping a number of them around because of some company stock held in them that I was going to have to liquidate if I rolled them over. At this point, the company stock is no longer an issue (the companies have been merged, the stock sold and reinvested) and I'd like to try to consolidate those accounts. Can I do this?
If you are no longer with the company you can rollover at any time to your current 401K or IRA. The qualifying event has already happenned when you left your old company.
Yoksel said: If you are no longer with the company you can rollover at any time to your current 401K or IRA. The qualifying event has already happenned when you left your old company.
Thanks... I did find somewhere that said it had to be within the first 60 days. However, in re-reading, I think that was only if you were doing a non-direct rollover.
ThursdaysChild
Missed.
posted: Nov. 5, 2009 @ 12:16p
Far as I know, the 60 days doesn't start at the qualifying event, it starts with the withdrawal from the existing account. But you're best off doing a direct rollover anyway -- select the new trustee and use their paperwork to have them move the funds.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
