My husband used to work in Las Vegas and now he transferred here in Alaska, what happens to his 401k in Vegas?
he worked in Vegas for a year in 2005. now he's been working here in Alaska for 2 years and he doesn't know what happened to his 401k back in vegas. is there a way to get it? is it still there with his vegas employer (Monte Carlo Hotel). please tell us what to do. thank you so much.
Personal Finance - 2 Answers
People's Answers, Critics, Comments, Opinions :
Answer 1 :
Yes, the money is probably not handled by the employer but by a trust the employer set up for the benefit of employess. It probably is highly protected. I believe the problem is that the 401K administrators don't have your new address, so you are not getting the statements. Call them to give them your new information. By the way, there are ways to transfer these funds to IRA's or other retirement plans (for example, a 401K with current employer), without any tax penalties. Ask your current retirement plan administrator or bank officer. They do these tranfers every day.
Answer 2 :
He needs to set up an IRA with Schwab (great company, more choices), Fidelity( good mutual funds), or Vanguard( good mutual funds). The company will have him sign the papers to do a roll over from the 401(k) into the IRA. They will take care of everything for you.
he worked in Vegas for a year in 2005. now he's been working here in Alaska for 2 years and he doesn't know what happened to his 401k back in vegas. is there a way to get it? is it still there with his vegas employer (Monte Carlo Hotel). please tell us what to do. thank you so much.
Personal Finance - 2 Answers
People's Answers, Critics, Comments, Opinions :
Answer 1 :
Yes, the money is probably not handled by the employer but by a trust the employer set up for the benefit of employess. It probably is highly protected. I believe the problem is that the 401K administrators don't have your new address, so you are not getting the statements. Call them to give them your new information. By the way, there are ways to transfer these funds to IRA's or other retirement plans (for example, a 401K with current employer), without any tax penalties. Ask your current retirement plan administrator or bank officer. They do these tranfers every day.
Answer 2 :
He needs to set up an IRA with Schwab (great company, more choices), Fidelity( good mutual funds), or Vanguard( good mutual funds). The company will have him sign the papers to do a roll over from the 401(k) into the IRA. They will take care of everything for you.
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