401k rollover

[Frodoo]

What is the name of your state (only U.S. law)? Virginia.

I called my old 401k management folks to get a full distribution of my money to send to my new employer’s 401k plan. The request was refused because my former employer never told them I did not work for them anymore, and the old management company has a rule of 30 day waiting period from the time they are informed before a distribution can be made. It’s my money and I want to roll it over now, what can I do?What is the name of your state (only U.S. law)?

 

[tranquility]

Waiting 30 days is your quickest and cheapest option.

 

[Frodoo]

It's like free beer tomorrow, because who makes the employer report to broker that I'm not employed there, and to start counting the 30 days.

 

[Hot Topic]

Leave it in there. The money will certainly not be affected by a 30 day holding period. Just don't have any of the funds sent to you directly because you'll owe taxes on them.

 

[cbg]

The very great likelihood is that instead of notifying the administrator of each individual employee's termination individually, it is done once a week/month with all employee's since the last notice included on the new one. This far lessens the possibility that an employee will be overlooked. I've been the one to make these weekly/monthly reports and take my word for it, this is by far the more accurate way of managing.