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401K Closure/Cancellation
I work as a vendor for a large corporation who pays my salary thorough a smaller "outsourced" company. At one point we were offered a matching 401k benefit plan. After about two months, some people in the company (me included) were told that our contract had been re-negotiated and for us, the 401k benefit was no longer available. At that time my contribution came to a whopping $500.
Since it was such a small amount and I don't intend to roll it over as I'm still with the company, I want to obtain the funds and close the account understanding that there will be some fees involved. I asked my company about it and they said that it couldn't be done, only if I were to quit or get fired. When I called the 401k company they said it was possible but I would need to obtain the necessary form from my company. :confused: Ok, call back to my company and they again say that it's not possible and then they add that they are not even the administrators of the account another company is, but all of my paperwork says otherwise. How can I close this account? |
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If the 401K is no longer being offered, you should be able to access your money; the matching funds may not yet vested to you, however.
Keep after your payroll department to get an asnwer. Once it is determined that you can get the money, I recommend you roll it over into an IRA. |
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