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Hi,
My employer will be bought out after 7/31.Will I be able to rollover my 401k to a traditional IRA,as a general rule.Or will this be decided by the costodian of the account.I plan on contacting the costodian to let them know of my plans to rollover my assets.
Any advice is greatly appreciated.

Student Fool
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Greetings, Student Fool, and welcome. You asked:

<<My employer will be bought out after 7/31.Will I be able to rollover my 401k to a traditional IRA,as a general rule.Or will this be decided by the costodian of the account.I plan on contacting the costodian to let them know of my plans to rollover my assets.>>

It really depends on what your new employer decides to do with the existing plan. In general, they are typically terminated and you are given the option of transferring the proceeds to your new employer's plan or an IRA. However, that's not always the case. Sometimes the plan continues in force, which means you can't move the money until you leave the job. In others, the plan is simply suspended pending various determinitions. In that case, you can't move the money, either. I'm sure your new employer will outline your 401k options to you soon. You'll just have to wait until that happens to see what your choices will be.

Regards..Pixy
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