Community Chat

[VaBelle35]

@CelticCrafter  No it's not a waste of time.

This is the first step in getting the information from one to the other.

That's how the process works.  

You can call Fidelity and Fidelity will say "we don't have the information, call your HR."

This will work out, she just has to follow the process to the end.

[tobes]

Call Vanguard. Sometimes they will contact your 401k holder and arrange a transfer to a Vanguard plan of your choosing. They were helpful to me when I rolled over my 401k

[magicmoodz]

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@Financialgrl wrote:

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@BirkiLady wrote:

@Jtdmum @Warrior2022  No, you do NOT want them to issue a check. It must be rolled over or you will have to pay taxes on the money! 

If you have a broker, have him/her fax the documents to the individual at your former company. Follow up within 24 hours to make sure he/she has completed all paperwork. Ask if you could pick it up at your earliest convenience and return everything to your current employer (or wherever you plan to rollover the 401K monies). A little pressure on your former employer may help them realize this is needed immediately! Be firm, but persistant. It is your 401K and, legally, you have every right to roll it over to another location in a timely manner. Best wishes.

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I agree with @BirkiLady bc I believe when you wish to rollover your 401k there is a time limit to do so.  When I left a company and moved to another I had them issue a check and I took care of rolling it over bc then I knew it was being done.  However, I'd not do that if I were you bc there used to be a deadline to be able to do so (see if that's still so) bc I think it was 60 days - if it's been almost 3 months, they may have already missed that deadline for you and you may have to get someone involved (someone with the power to make sure this rollover now doesn't sustain the huge tax.) 

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@Financialgrl

If I understand your comments correctly, I offer the following.

There is absolutely no time limit on when a 401(k) is rolled over to another account. It makes no difference if OP left 3 months ago or 3 years ago. Her money is still being held in a 401(k) account. Now if her former employer in fact does issue a check to her she has 60 days from the date of the check to ensure it is rolled into another qualified account or she will suffer penalties.

[Stray]

I'm sure your 401k is safe with fidelity as they are reputable.  However, you will be missing out with your current company's matching program and since you aren't receiving checks from your past employer, you won't benefit by their matching program?   Do you have a termination letter?  Most companies do provide one.  If so, I'd work directly with Fidelity and your new HR department.   The Department of Labor usually prompts an employer to act & I'd give them a call.  Also, don't deal with a clerk at your former Company, talk to the Department Head of HRD or the plan director/coordinator.  I worked for a Fortune 100 and employees did not hesitate to contact the CEO in important matters such as this.  

[VaBelle35]

Transferring a balance has nothing to do with a matching program.

A matching program is only on "new" contributions to the plan.

[NYC Susan]

I think it's pretty clear that you need to get solid advice from a source outside of these forums.

With all due respect to those who have replied (and I believe a few posters are very knowledgable and gave great advice), it's not helpful to sort through confusing, conflicting, incorrect, and misleading information on a forum such as this. Especially when the topic is so important. 

Just my two cents.  :-)