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401K transfer from anothet country issues

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Ryan and Rosie

New member
My wife and I left California for the Philippines to live abroad here permently in 2017. Recently, her 401k is being cancelled by the holding company due to maintanence costs and needs to be transferred to a new IRA company which requires us to be there in CA physically to sign documentation. This must be completed by October 2019. We had no intentions of returning to CA anytime in the near future.

After a few arguments with a representative from the current holding company, they told us that there is no option other than to be present and sign paperwork. We want to possibly assign a temporary power of attorney to her mother who currently resides there to do the leg work for us without having to purchase expensive airfare and return to Ca. Is this possible to do remotely from the Philippines?
 
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eerelations

Senior Member
All I can say to this less-than-informative question is that it can take YEARS to sell your stock in an English company and have the sale funds deposited into your Canadian bank account. It's effing unbelievable how much time this takes! Two years now and counting...

But hey, if your story doesn't match with mine, then please feel free to post some details.
 

LdiJ

Senior Member
My wife and I left California for the Philippines to live abroad here permently in 2017. Recently, her 401k is being cancelled by the holding company due to maintanence costs and needs to be transferred to a new IRA company which requires us to be there in CA physically to sign documentation. This must be completed by October 2019. We had no intentions of returning to CA anytime in the near future.

After a few arguments with a representative from the current holding company, they told us that there is no option other than to be present and sign paperwork. We want to possibly assign a temporary power of attorney to her mother who currently resides there to do the leg work for us without having to purchase expensive airfare and return to Ca. Is this possible to do remotely from the Philippines?
One thing I can tell you is that no matter what it doesn't take both of you. It only takes your wife. So it would only be airfare for one in a worst case scenario, not for both of you. I can also tell you that if the company who is to create the new IRA has a way for you to do it from abroad, they can handle getting the money from the other company.

I do think however that a POA should make it possible as well.
 

FlyingRon

Senior Member
Or you can have the forums and execute them in the Phillipines. The embassy tehre will provide notary service:
 

Ryan and Rosie

New member
Or you can have the forums and execute them in the Phillipines. The embassy tehre will provide notary service:
Ok, thats sounds lie a good place to start. I will check in with that. Thanks for the info and good idea.
 

eerelations

Senior Member
Very strange that you told your story in your first post...after you refused to tell your story in your first post. What's that all about?
 
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