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-   -   Former employer wontlet me cashout 401k (https://www.askmehelpdesk.com/showthread.php?t=209756)

  • Apr 26, 2008, 09:06 AM
    celena h
    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?
  • Apr 26, 2008, 10:50 AM
    Fr_Chuck
    Talk to the plan administor, ot the former work place.
  • Apr 28, 2008, 08:02 AM
    ebaines
    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?
  • Apr 28, 2008, 08:05 AM
    ScottGem
    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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