No. of Recommendations: 0
My husband and I retired from career #1 and are now working again for a small company. We participate in the company sponsored 401K plan managed by Equitable. We are over 59 1/2 and want to transfer our current 401K funds into our E*Trade IRA accounts. We will continue to work and contribute to the company sponsored 401K plan but we will be able to "manage" the funds transferred to our E*Trade account. We have tried unsuccessfully to find out if this is possible. Can you help?
Print the post Back To Top
No. of Recommendations: 0
In order to withdraw money out of a qualified 401k plan, you must experience a benefit event. Generally they are: termination, retirement, death, or disablilty.

I believe your only option is if your 401k plan is written with a 59 1/2 withdrawal provision. Some are, some are not. If so,I believe you can do what you're wanting to. The provision will be in your Summary Plan Discription (SPD) you received when you joined the plan. If you've lost it, see your plan administrator.

dogbo
Print the post Back To Top
No. of Recommendations: 0
Greetings, Yogi23, and welcome. You asked:

<<My husband and I retired from career #1 and are now working again for a small company. We participate in the company sponsored 401K plan managed by Equitable. We are over 59 1/2 and want to transfer our current 401K funds into our E*Trade IRA accounts. We will continue to work and contribute to the company sponsored 401K plan but we will be able to "manage" the funds transferred to our E*Trade account. We have tried unsuccessfully to find out if this is possible. Can you help?>>

The answer to that is probably no; however, some plans have an in-service withdrawal procedure that may allow that at age 59 1/2. If your plan does, the provision would be contained in the plan documents which your employer's HR/benefits administrator and the plan custodian should be able to confirm for you. If no such proviso exists in that plan, then you will have to wait until you both retire to transfer the money.

Regards..Pixy
Print the post Back To Top
Advertisement