What happens to a 401K when the company is sold to another that does not continue it?
Rosita asked:
The company has gone through three “names” . Only the original name had a 401k plan.
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The company has gone through three “names” . Only the original name had a 401k plan.
How do I obtain information on that old policy and withdraw the money?
How do I find out the status?
May 4th, 2009 at 6:35 am
it is your money and job or no job it is still yours. you don’t want to withdraw the money, you should roll it over or you lose 30%
May 7th, 2009 at 9:13 am
The funds are invested with an outside plan trustee and cannot be looted by the company. That said, if the (new) company is no longer continuing the plan, you can do a direct rollover IRA.
You should have account statements that provide the trustee information. For further info on IRAs, see or.
May 10th, 2009 at 1:24 pm
Take your last statement and go to a financial advisor (like at T Rowe Price, Morgan Stanley, Raymond James, or a small independent). You need to get this rolled over into a IRA ASAP.
You don’t want to lose any of the money you contributed, and you are in danger of that. And if your company has already changed names twice, you may have already lost some due to the time limits on rollovers.
Go!
May 10th, 2009 at 7:38 pm
If you cannot get help from the new company, or from the financial instution that was holding your monies, I would try contacting the DOL. They are there to help you when an employer goes “missing”.
May 13th, 2009 at 10:59 pm
roll it over into something else..get ahold of a financial advisor who can guide you through this