What To Do With A 401k If Your Company Is Beings Sold?

2 Answers

Anonymous Profile
Anonymous answered
Option 1 is to leave it where it is, and it'll be handled within the new ownership company's plan.
 
Option 2 (which may or may not be available to you, depending on the structure of the purchase) is very simple and very common - roll over the 401(k) into an IRA.  Your banking professional can do it for you.  The VERY important key is for you to be sure it's a direct rollover.  You CANNOT withdraw the money, and take the check and deposit it into an IRA.  If you did that, you incur taxes and penalties because it was a Withdrawal.
thanked the writer.
Ted E E
Ted E E commented
I want to roll it over to my IRA but fidelity wont let me do it? I didnt know they had this much control over my money!There has to be some way to do it.
Anonymous Profile
Anonymous answered
A lot of people transfer it to an IRA your local bank can explain it to you.

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