Ask Experts Questions for FREE Help !
Ask
    mark elder's Avatar
    mark elder Posts: 1, Reputation: 1
    New Member
     
    #1

    Jun 13, 2013, 07:08 AM
    Can I close out my 401k plan
    Im on light duty.can I borrow from 401k plan
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
     
    #2

    Jun 13, 2013, 07:13 AM
    Please clarify what you mean by "light duty" Do you mean you are a part-time employee? And do you want to close it out (which is the subject of your post) or do you want to borrow from it (as you asked in the body of your post)?

    If you are a part-time active employee (not retired) you may be able to borrow from your 401(k), but it depends on the specific rules for your plan. Most plans would allow you to borrow if you are a part-time worker as long as your pay is sufficient to cover the repayments and interest, but again plans vary, so check with your plan administrator to see whether being on "light duty" affects your ability to borrow from your 401(k).

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Is there an example of a 401K waiver that is read to 401K plan participants [ 0 Answers ]

Is there an example of a 401K waiver that is read to 401k plan participants, when they are processing a distribution from their plan with the recordkeeper over the phone.

Going to B School.Do I close 401K? [ 1 Answers ]

Hey there, I am a 29yr old corporate guy. I am going to Business School in the Fall of 09... I currently have about 10K in my company 401K... what are my options? Should I just close it? And if so apart from the 10% penalty what else do I lose? Thanks.

Close my 401K account [ 2 Answers ]

I'd like to close my 401K account, and pay off a bill I have, but I don't qualify for none of the Hardship cases. What can I do besides taking out a loan on my 401k? What I want to do is, just close my account and take my money back, but I'm not sure if I could do that. What are my choices?

401k plan [ 2 Answers ]

How do I find my past job's 401k that I still have


View more questions Search