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Hey I'm in the situation BrettJones is in, that is I'm changing employers and I am unfamilar on what to do with my current 401k. My next employer does offer a 401k plan but I don't know if i can enroll until after one year. Any help?
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Gents,

It is probably quickest and easiest to have a trustee to trustee transfer to your bank or credit union (assuming they offer IRA accounts). You probably won't get more than 4%; however, it gives you time to decide what you want to do with the money.

Whatever your decision, you will definitely want the trustee to trustee conversion bypassing having the money sent to yourself for a rollover. Suffice it to say, having the money sent to you opens up a whole lot of needless tax complications.

GP
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See my reply #8062 to Brett. In your case, you will have at least three "deferred" options (meaning actions you can take that are not taxable events) as follows:

1. Leave your money where it is.
2. Open a Rollover iRA account at the brokerage, bank, etc. of your choice.
3. Roll your money out of your old employer into new employer 401(k) plan.

#3 above will be dependent on whether or not your new 401(k) plan accepts rollovers --- most do but not all; it is a plan choice. Secondly, many 401(k) plans, particularly those that have matching also have a waiting period to get in --- 6 months or a year. If this is your situation, you may need to elect options #1 or #2 above until the waiting period is over and then execute #3 when eligible.

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