UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Author: twsdsis Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76396  
Subject: new company Date: 2/25/1999 12:26 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I already put this on another board but I'm in a hurry. Our company has been bought out and they are rushing us to sign our 401k to Meryl Lynch. I'm in a quandry. Don't know why I don't like them. I could use some suggestions. I've got till Fri. and this is Wed night. Any help would be nice. Linda
Print the post Back To Top
Author: x4a54 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8789 of 76396
Subject: Re: new company Date: 2/25/1999 2:16 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
>>
they are rushing us to sign our 401k to Meryl Lynch
<<<<<

depending on what you mean.. you might not have much choice.
my company was just bought and we were told "in no uncertain terms" (as my Mom used to say) that our 401(k)'s would be rolled into the new company's plan.
i would have liked to do something else, and a bit of squawking *might* have given us some options... but it might also have put me on the 'redundancy' list..
so... if your new company has a 401(k) plan and it's M-L, and they're talking like you don't get no choice-- you can complain, but you probably have no legal recourse.

otoh: if the new company has no 4o1(k) plan , they have to give you the money... they have to give you 30 days to decide what to do with it... if that's the case, get yourself a "rollover IRA" with a fund group you like or
a broker. They'll give you the forms to give your employer, and the employer will transfer the money.
and if that's what you want to do, they don't have any choice.

hope that helps.
Good Luck--
jpt

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: 8799 of 76396
Subject: Re: new company Date: 2/25/1999 10:07 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Greetings, Linda, and welcome. You asked:

<<I already put this on another board but I'm in a hurry. Our company has been bought out and they are rushing us to sign our 401k to Meryl Lynch. I'm in a quandry. Don't know why I don't like them. I could use some suggestions. I've got till Fri. and this is Wed night. Any help would be nice.>>

I agee with Jpt aka x4a54. It sounds as if your company's plan is being merged with your new firm's 401k. Your benefits administrator should have told you your options in connection with the takeover. If one of them was to take the money, then certainly you aren't restricted to the account with Merrill Lynch. You could have the money transferred to an IRA of your choosing. OTOH, if it's simply a merger with your new company's plan, you probably don't have any other choice except to choose among the investment options M/L offers in the new plan.

Regards…..Pixy


Print the post Back To Top
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Advertisement