401 k portability

sayil123 · #1 Jan 3, 2006, 06:42 AM

I have been working with a company for 2 years and joined the 401k plan only this month (Jan 2006).

I have decided to change companies ,what will happen to the amount deducted from my paycheck towards 401k this month.Can it be transferred to the new companys plan.

Iam very new to this 401k thing,any input will be appreciated.

RickJ · Jan 3, 2006, 06:51 AM

All of this will depend on what your new employer offers; which could be a combination of options.

If they have a 401k program, you'll probably just end up having them be the new administrator - and they'll set up the payroll decuction of your choice.

...it will all be up to how and if they are set up for these things.

fredg · Jan 3, 2006, 07:30 AM

Hi,
I agree with rickj's answer. You might also call your "old" companies 401K Plan Administer and talk with them. You should be allowed to "roll over" your old company money into your new companyies plan.
Also, talk with you new company's Plan Administrator, for the rules.
Happy New Year, and at 63 yrs old, I found the 401K to be a GREAT way to save for retirement! Put as much into it as you can afford.



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