401K help anyone?

skylineGTR_guy

skylineGTR_guy

Messages
5,677
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
 
Honestly I don't know. Not every company matches your investment, and not all of them have rules about being "fully vested". I think it depends on the company you work for. Do you have someone who is in charge of benefits at work? This is definitely a question for your superviser or HR personnel. Even if you did find an answer here I would check with them to be sure.
 
From what I understand, if your company has matched your 6% in the past, then that is your money whether or not your fully vested. Once that money is in your 401k account, it is your money and the company no longer has any control over it. As danoff said, verify this with your Human Resource department.

Good luck,
 
I called HR, and they have no idea as to the details yet, probably wont find out for a while, I was just wondering if there were any laws to this kind of thing or not. Anyway thanks for the help :)
 

Latest Posts

Back