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So the company I work for has been sold to some investment firm who willl probably close down the stores and use them for property value in a few months. I've been contributing towards my 401K, I put in 6% of every check, they match the 6% plus profit sharing and money from the investments all go in. In order to keep the 6% match I have to be fully vested (7 years to be fully vested) but the store will be closed by then and I will be out of a job (and moving to california at that time anyway so it doesnt really matter about the job) so my question is, when the company is sold, do I automatically become fully vested and get to keep it, or is everything but my 6% contribution taken away? In the event that I do or do not get to keep the other 6% what about my existing money, do I have to roll it over to another 401K within a certain time period (the money is taken out pre tax and I dont want to be taxed or penalized for withdrawing it early or moving it) or does it pretty much just have to sit there? Are there any laws regarding this kind of thing? Any help would be greatly appreciated.
Thanks
Thanks