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My husband invested in a "456 Plan" which we understood as a "deferred compensation" plan through his previous employer. When he lost his job with that employer 6 years ago, we were told that the money HAD TO come out - and that we only had a choice as to HOW the money was to be distributed to us. We chose an initial larger lump sum payment (we were needy at the time) and the rest to be distributed over 20 years. They said that was the longest period we could choose for distribution, and our desire was to keep as much of that money invested as possible. Do we have an option now, at this point, to rollover that account to a different broker/IRA plan and have some say as to how the money is invested? Or are we stuck with the "irreversable" decision we made at that time? And with the same investment plan/funds? My husband is working now with a different employer and has established a new 401K plan with that employer. These funds are performing much better, and although we are pretty sure we can't rollover into THAT account, we would sure like to try a different investment option elsewhere if possible - perhaps with Schwab.
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