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Home > Money & Services > Retirement   »   Former employer wontlet me cashout 401k

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Old Apr 26, 2008, 08:06 AM
celena h
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Former employer wontlet me cashout 401k
My former employer is telling me that I have to wait a year to cash out my 401k. What leverage can I use to expedite their activities relative to getting my money?

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Old Apr 26, 2008, 09:50 AM   #2  
Fr_Chuck
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talk to the plan administor, ot the former work place.
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Old Apr 28, 2008, 07:02 AM   #3  
ebaines
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Did they give a reason for the year delay? How long were you employed and contributing to this 401(k), and what is the plan invested in?
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Old Apr 28, 2008, 07:05 AM   #4  
ScottGem
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Plans have a fairly wide latitude in customizing paln provisions but still staying within the law. You need to talk to the plan admin and get a reason that is backed up by the plan's rules.

But why do you want to cash out? Why not roll it over into an IRA or a new plan?
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