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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.


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