Greetings All,About 3 1/2 years ago I lost my job at a utility company. I left a 401K there until last spring when I initiated a direct transfer into a Self-Directed Trad. IRA. I have since continued to get statements from this 401K that I still have eleven dollars and change in there. I have now been rehired by this company and would like to get a 401 K up and running again.My questions are:Is this 401K still active being there is a few bucks in it? Can I get back into this very same account and start contributions again? Do I have to do anything with the money already tranferred into the self-directed account? or can that be left alone?Thanks for the Help.
Ask if your plan administrator what the rules are for rehires. Ask to see that section in the Summary Plan Description. If you were previously in the plan, most plans allow reentry effective immediately. (especially since you haven't been gone 5 years).You can leave the money in the IRA there EXCEPTif you forfeited Employer dollars....You have 5 years to repay the money you took and then the forfeitures will be placed back in your account.
OK Bobbcat,Now you have me concerned. What do you mean by forfeited Employer dollars?Thanks
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |