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    1. S

      401K Trapped in Former Employers Plan

      Thank you all for the advice in this thread. I received further clarification from my former employer’s benefits team. Basically, as has been stated by multiple people already, my plan is still under the “controlled group” which is subject to the IRS regs stated in this thread. I can only take a...
    2. S

      401K Trapped in Former Employers Plan

      My previous employer is it’s own entity from GE, therefore GE should not be the owner of the plan. I’m still researching this and need to talk to my previous HR and benefits department though to get more details. This was something I just found out today, so it’s still early. I just figured I...
    3. S

      401K Trapped in Former Employers Plan

      I’ve got to have some course of action. How can I be forced to keep my own money invested with a company I don’t wish to do business with? Only reason I did in the first place is because that’s who my company chose to handle our 401k. I can’t take a loan, make contributions or withdraw it. How...
    4. S

      401K Trapped in Former Employers Plan

      No I did and I appreciate the advice. The problem is the “some” part of it. I don’t want to get into the details as to why I need the money, but I need pretty much all of it coming up pretty soon. Like I said, I’ll have to look into it though. Maybe it’ll be my ONLY option.
    5. S

      401K Trapped in Former Employers Plan

      I’ll have to look into that if need be, but right now doesn’t really fit what I want or planned to do. That’ll be a last resort type thing.
    6. S

      401K Trapped in Former Employers Plan

      They weren’t...I’m under a completely different plan with Fidelity now. That’s the thing...I can understand if I went to GE and theirs was with the same company but they aren’t. How can I legally be bound to a company, Wells Fargo, that I no longer wish to do business with?? I have, or had...
    7. S

      401K Trapped in Former Employers Plan

      Also, I should note that I literally resigned from my old company and hired on with the new. I did not “transfer” to the new company. I had to go through the complete new employee on boarding process.
    8. S

      401K Trapped in Former Employers Plan

      Sorry...I meant to say wholly owned and AFFILIATED. Not operated.
    9. S

      401K Trapped in Former Employers Plan

      My old company was wholly owned and operated by GE at one point then things changed and now we are a “GE Company.” I’m not sure actually what the difference is. Now I work directly for GE. Before, my company was basucally considered a contractor for GE. We were Incorporated which I would assume...
    10. S

      401K Trapped in Former Employers Plan

      So that applies just because my former employer is owned by my current employer correct? This doesn’t seem right seeing as though I cannot take a loan out on it now that I don’t work for them anymore, nor can I contribute to it. I cannot roll it over to my current plan either. I’ve been told by...
    11. S

      401K Trapped in Former Employers Plan

      What is the name of your state? Pennsylvania Hello, I need some advice on how I might be able to take a disbursement from my 401K despite the company rules. My former company is owned by the company I work for now. The plan rules say that other than a hardship withdrawal I can’t take a...

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