UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Author: johnruth Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75381  
Subject: Change in 401K providers Date: 5/15/1998 12:30 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I have received belated information that Lockheed Martin is changing their 401K investment providers from Fidelity Investment to eleven other choices. Do retiree have a choice to stay with Fidelity or do they have to carry over into the new system?? I don't have any information to corroborate this info.
Thanks for any information on this worrisome subject to me.
Print the post Back To Top
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 3328 of 75381
Subject: Re: Change in 401K providers Date: 5/15/1998 6:42 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Greetings, johnruth, and welcome.

<<I have received belated information that Lockheed Martin is changing their 401K investment providers from Fidelity Investment to eleven other choices. Do retiree have a choice to stay with Fidelity or do they have to carry over into the new system?? I don't have any information to corroborate this info.
Thanks for any information on this worrisome subject to me.>>

I assume you are already retired and for whatever reason have left your money in your old employer's plan. If so, you will be required to move it to the new investment options within that plan. Alternatively, as a retiree you can have it transferred to an IRA with Fidelity where it can remain in the same accounts it is in now. You will have to contact your old plan administrator and Fidelity to set up the paperwork to do so and you definitely want to arrange for a custodian-to-custodian transfer to avoid any tax hassles, but you can do so. Both Fidelity and your plan administrator know how to do this and can guide you through the necessary steps. You'll probably have to cash out the accounts within the plan and repurchase them within the IRA. The dollars won't change, but the number of shares probably will. However, you will still be with the funds you want.

Regards….Pixy



Print the post Back To Top
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Advertisement