Can you rollover a 401k while still employed

Forgot Password. Some k plans allow you to roll them over while still employed with your company. Anyone can roll over a k to an IRA or to a new employer's k plan when leaving a job. Depending on your plan's policies, you might be able to make the rollover while you're still with the company. Unlike a post-job rollover, your plan doesn't have to allow in-service rollovers, but many companies do.

However, there are usually significant restrictions. Rolling over your k while still working can be done fairly easy if you still work for an employer under certain conditions. Be sure to speak with your k respresentative as not all processes are the same.

In years past, it was commonplace that many employees retired from the same company where they began working right out of high school or college. But in today's more transient workplace, people often change jobs. Asking my employer if I could roll it over he told me know that it was against regulations. This is very upsetting and is it true someone please help!

Also I feel like if I keep pushing the issue he will try to find a reason to let me go. I need cold hard facts. Thanks for any advise. I still have seen no answer to the question…… If my employer stops contributing to my K can I now roll it over to an IRA without penalty? My employer stopped contributing to my K almost 2 years ago. I have been given the same answer that everyone else has been given…..

But they are good high paying investments through Nuveen, Alpine, Dreyfus, and Cornerstone. Are there no rules set by the Govt???

This company is not above lying to their employees. Thank you. I am surprised that they can do that!!!! That is my investment and i have to pay a maintanence fee on that account. I only want to remove half of the account ballance and purchase Real Estate with the funds and hold the property in a LLC IRA, is there any hope that i can change there mind on this or force them to allow me to take this action??????

Thanks Mike……. What happens to your account? I became an Excluded Employee because I went to work with a foreign affiliate of my company and was given an day mandatory option to rollover my k funds. I rolled in over into an IRA under my control, much happier and doing so much better!

Affiliate and now the plan administrator says they made a mistake and want all the money back, plus earnings. Do I have to? Even though a Direct Rollover was done, I am willing to pay the taxes and penalties if I am allowed to keep the money.

You have rights and as long as you approach these problems with verified answers, you should be OK! The best thing to do is check with your employer, see if you can do better with your own individual plan, but if you get a denial, tell them you want an inservice withdrawal. Just make sure you rollover to an IRA and fund it with your choice of financial products.

Otherwise you will have a diminished retirement. If you just want the cash out, be prepared for the penalties for early withdrawal, IRS form filing, and yes additional taxes. Only as a very very last resort should you cash out for day to day expenses. The reason I did not roll it into the my current K is because at the time I received the check I had not been with my current employer for one year.

I was told I could not roll it into my current K. I want to close out or get distribution of my k safe harbor plan at age 64, still employed but on medical leave of absence. Is this an option for withdrawal of all funds?

We should change the law then to let people decide what to do with their own money. Last time I checked I thought we were in a free country, even if that leads to a mistake. How patronizing and arrogant these k admins are to think they know better than we do as to what we do with our own money.

What it is is just a scheme to force people into investing and not allowing them to change their mind so that the fat cats on Wall St can keep sucking us dry like leeches! I know we have a choice of joining or not and stopping our contributions, but when you have a pile of your own money sitting there and they say you are not allowed to have it, it pretty much stinks. Here is another goofy part of the rules, you can take the money out to pay for college. Most people going to college are not employed and thus have no k to draw from, and those that do have one, are employed and thus out of college.

Another catch, typical gov. Would this be a bad decision? I have done very well trading on Scott trade as a hobby over the past year…. By law, it is allowed to rollover your k to traditional IRA. You could find such regulation on IRS. Why does Financial company reluctant to do that? Every year, the financial company will charge 0.

Yes, per year. Why does your former employer reluctant to do that? All the money that Financial company and employer got is from employee. So you need rollover it as soon as you left the company. I just turned 59 and half. I lost my job dp to an injury at work It required that I use my F.

I was told to use my group insurance and had to borrow from my k just to make ends meet. I hired an attorney because this injury happened at work. My job was really strenuous travel to my jobs were 70 miles from my home and the company did not pay any driving time actually my time started when I arrived at my frist job and ended when I finished my calls most of the time I got up at 4 am and got back home at 6 to 8 pm every night and I did find that I was exhausted all the time.

I ,m looking for work now and this type of work is easy to find but it. Thanks, DJ. He also has a pension with his employer and will be eligible for Social Security upon retirement. Legally, can we withdraw the K funds to pay off debt, if the plan administrator allows in service withdrawal? I still have no answer if my employer stops contributing to my K……. I am working for an employer who has frozen their contributions to their employee K. Can I do a direct transfer of my K funds to my existing personal b and essentially close out my K account being it doesnt look like my employer is going to contribute to it anytime in the forseeable future.

Thanks to all who have contributed substance to this thread. The plan documents do not expressly state that the in-service distribution is limited to employer contributions, but that in-service distributions are limited to employees having participated in the K for a minimum of 5 years. Can anyone produce the specific regulation if it exists that prohibits the in-service distribution of employee salary deferrals from their K? I would like to retain the K plan as it allows for higher salary deferrals and employer contributions.

In other words, deposit into an IRA in less than 60 days from the withdrawal an amount the same as the original K withdrawal. I just want to have great flexibility in my investment choices and be able to seek an active manager that can help me.

I KNOW. Under certain circumstances, it may be possible to access your k funds before retirement. Check with your employer for the specifics of your plan. Share this post Facebook Twitter LinkedIn. Related posts. Direct vs. How to Start Saving for Retirement at 20, 30, 40, and 50 For many people, that is an ideal time to shift funds because they can consolidate several retirement accounts from previous employers in one place and take advantage of more investment options.

Though there could be reasons not to do so as well. But, leaving an employer isn't the only time you can move your k savings. Sometimes it makes sense to roll over your k assets while you continue to work and make further contributions to your company plan. These rollovers may help you more effectively manage your retirement savings and diversify your investments.

It is important to really weigh the pros and cons when considering this. But first, do some checking to see if you're eligible.

Not every k plan allows you to roll over your k while you are still working. Even successful professionals like you need personalized financial advice from an advisor who knows you as well as they know the markets. Your advisor can help you determine if an early k rollover fits in with your retirement savings plan. They can also help determine what investments are best for you if you do decide to roll over your funds.

Or, request an appointment online to speak with an advisor. There's a sense of confidence that comes from feeling in control of your finances - and working with a financial advisor can help you get there. Please share your experience and tell your friends and family about me.

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