 My employer recently quit matching in my 401k.Should i continue investing in it or what? |
Can i roll it over to an ira?I still work there.
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voiceofworldcontrol | My employer made a mistake and let me invest in a 401k plan although I was underage.? |
The plan requires you be 21 and I'm only 19, I invested 500 dollars into it and the 401K complany is sending me that money back, the company i work for has a policy to match a certain amount of the money invested, should I be intilted to that money? |
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digdowndeepnseattle
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Since you were never eligible to particpate then you weren't entitled to the match. Sorry. As for the 401k deferrals they are sending back to you...they are exempt from that 10% penalty though you will be taxed on it. If you can put it into an IRA you can deduct it just as if it were in the 401k.
In fact, that's exactly what I'd do...Open a Schwab IRA and find one of their no load, no minimums, low expense ratio Index funds and put it in there. Then keep adding to it on a payroll by payroll basis (perhaps your employer may send it direct). Then when you become eligible for your 401k you can roll it into it. Yes, you're missing out on a match. But in 40 years that $1,000 will be worth about 6 months of retirement income to you. |
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smartypants909
 |
No, you are not entitled to the company's match until you actually retire. Even if you worked there for 25 years and then left, you would not get it unles you actually retire. |
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Eric D
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You will be entitled to the money if it is 100% vested. Some plans require a certain amount of time in the company before you are 100% vested, so you will be entitled to all of the money you contributed and whatever percent is vested of the employer match.
They boned you because now you have to pay a 10% penalty for an early withdrawal of the money in the 401k. You can probably rollover that 500 dollars into a 401k you open to avoid the penalty. |
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asjrb
 |
No. |
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domino65
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How long was it in the 401K? they made an honest mistake , probably rules are in place for errors such as this if not see if you can work or find out how to make sure if this were to happen again in your case how the money issue can be remedied it depends on how long it was in the 401k account and did you get an earning on it as in the amount you started out with and straight profit? These are issues that need to be looked into. As a final note see if your employer offers discounted or free legal service or at least one free 30 min call to a attorney! that you can seek answers to just to make sure. Some employers can be shall I say can be conflicted on answers they give to you. :) |
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Danny P
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No. You were never eligible to enroll in the first place. The plan administrator will direct your employer to pull your contribution out of the plan and pay it to you through payroll. You can make an IRA contribution up until your tax filing deadline if you want to avoid the ordinary income taxes on the portion withdrawn. |
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F.A.Q.
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Enjoy the money. Be smart and go ahead and invest, that was the plans for it anyway. Let it grow, you'll be glad you did. |
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TroubleRose
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Danny P is right, they cant match but you can invest it in a IRA plan, when you reach 59 1/2 you can take it out. |
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