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Financial Planning / Foolish 401(k)s
|Subject: 403Badvice||Date: 2/2/2000 3:40 PM|
|Author: paycktopayck||Number: 6340 of 25239|
I had a 401K years ago, quit the job I had it through, and went to a place that had its own Credit Union. (Stanford Hospital)...Unfortunately, Stanford employees could only contribute to 403b, not 401k accounts. I was told the funds couldn't be mingled, and the best thing to do was put my 401k rollover funds into a "conduit IRA", which I did. I left that job 3 years ago, and I've been paranoid to touch the money. (Still MORE years ago, I had left a job and cashed out my 401k...OUCH...the tax man loved me, let me tell ya....live and learn).
My question really is, should I be letting the money sit in Stanford Credit Union? Should I roll it over into a Roth or some other type of IRA? If that's the way to go, HOW do I accomplish it?
I've been doing temporary non-benefitted work since leaving Stanford, but now I'm in a "permanent" position again, and will soon be eligible to contribute to this company's 401k plan. I assume that the "Non-Mingling" gate swings both ways....that is, I assume my Stanford 403b/conduit IRA money will NOT be eligible to roll into this new 401k...
So...fools, any advice? Again, the basic question is: Sit on it (be gentle)...or Do Something with it???
I'd appreciate any feedback!
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