Bio not provided
NO. it is not legal. it is actually a violation of fiduciary duties entailed in the ERISA ACT (employment income security act) of 1974. the US department of labor takes issue with ALL OF THAT: http://www.dol.gov/dol/topic/health-plans/erisa.htm
if you have any questions about how to proceed with rectifying this matter, feel free to contact me at firstname.lastname@example.org. no cost, needless to say. it is the right thing to do. if i can help, i will. i will give you as much info as i can & if necessary, direct you to an a good attorney.
1 year, 9 months ago on How to Roll Over Your 401(k) When You Leave or Lose Your Job – The 401k Rollover
@sw7041 rollover your 401k into another qualified product & pay back the loan THROUGH that process (not AFTER, but AT THE SAME TIME). only what remains (after your loan is deducted from your balance) is what will roll into the new company/fund, directly. for my clients, i have been able to elect that option on the same form, wherein, it has literally been as easy as marking one box versus checking off another. & more times than not, i have been able to roll them into exclusive products (i am with one of the largest, independent brokerages in the country -- we get "exclusives" on some BRILLIANT products, i must say) that offer some type of cash bonus for the rollover. the most i have ever seen a company give a client is 12% of the rollover amount, deposited AS CASH into the starting balance of the account. the lowest i have seen is 6%. there are a lot of great products out there that are not marketed to the public. the perk of some of these products is also that they can eliminate the "down-side," altogether -- never losing money again is the peace of mind of a lifetime. i do not have the stomach to take a roller coaster ride with my retirement...i can barely watch other people do it. the more people who can SECURE their nest-egg (growing old is GUARANTEED; the money to fund later years MUST BE, too. then again, that's my take on it...& my stomach talking. ;-)). well, i hope that helps. feel free to contact me if you have any questions. email@example.com. have a great day! :-) -JLP
1 year, 10 months ago on How to Roll Over Your 401(k) When You Leave or Lose Your Job – The 401k Rollover
hi, jasmin. :-) no, unfortunately, you cannot roll your 401(k) into your husband's 401(k). the 401(k) is an individual retirement account. NOT being able to consolidate it may not be a bad thing --- http://www.pbs.org/wgbh/pages/frontline/retirement/ you can, however, roll your 401(k) into another qualified plan ("qualified" meaning tax-deferred or tax "later"). if you are not risk-tolerant at all, it would be a great time to explore options beyond the traditional IRA, as well. you do not have to risk losing money to make money -- & in this economy, who has the stomach for it? :-) have you & your husband ever run any retirement reports or financial planning reports?
HI. YOUR WINDOW HAS NOT CLOSED. :-)
BUT IN THE OFF CHANCE THAT YOU HAVE NOT FIRMLY MADE UP YOUR MIND ABOUT DOING WHAT YOU HAD PLANNED, I WANTED TO RECOMMEND A DOCUMENTARY FROM FRONTLINE, ENTITLED "CAN YOU AFFORD TO RETIRE?" IT IS AN INCREDIBLY EYE-OPENING DISCUSSION ABOUT THE 401(K) & BASED ON STATISTICS FROM THE ERISA, FOR EXAMPLE, & COUNTLESS OTHER CREDIBLE SOURCES. IT AIRED IN 2006 & IT FORECASTED EXACTLY WHAT HAS HAPPENED WITH THE PRODUCT, TO THIS COUNTRY'S RETIREMENT PLANS, TO THE ECONOMY, TO THE BABY BOOMERS, ETC. IT IS RELEVANT, TODAY, BECAUSE IT WAS SO SPOT ON. IT COULD NOT BE A BETTER "HEADS UP" FOR THOSE WITH 401(K)'S & ANY OTHER PRODUCTS THAT ENTAIL A RISK/LOSS FACTOR. THIS COULD POSSIBLY BE THE TIME TO CONSIDER THAT ALL OF THE TRADITIONAL, EXPECTED ROUTES/AVENUES FOR SAVING & INVESTING ARE NOT NECESSARILY APPLICABLE FOR REASONS THAT ARE NOT EDITORIAL, BUT QUANTITATIVE. AT THE VERY LEAST, IT IS AN INTERESTING PROGRAM. ENJOY! :-)
ALL THE BEST,
1 year, 11 months ago on How to Roll Over Your 401(k) When You Leave or Lose Your Job – The 401k Rollover
I HAD TO READ & REREAD YOUR POST BECAUSE I COULD NOT BELIEVE WHAT I WAS READING. WOW. NOW, I HAVE SEEN IT ALL. NO. IT IS NOT LEGAL. ALL I DO ALL DAY IS HELP PEOPLE RECTIFY THE MESS COMPANIES HAVE MADE OF EMPLOYEES' RETIREMENTS WITH THIS 401(K) DISAPPOINTMENT. & OH, WHAT A MESS. ANYWAY, I AM SORRY FOR WHAT YOU HAVE GONE THROUGH --- I AM SURE IT WAS STRESSFUL & FRUSTRATING. I AM GLAD TO HELP, IF YOU STILL NEED SOME DIRECTION.
IN ANY LIKELY SCENARIO THAT IS WITHIN THE LEGAL LIMITS, YOUR HUSBAND'S MONIES COULD NOT HAVE BEEN UNWITTINGLY ABSORBED BY THE REST OF THE COMPANY. THAT IS OUTLANDISH & REPREHENSIBLE --- I AM FLABBERGASTED. IN ANY CIRCUMSTANCE, YOUR HUSBAND SHOULD STILL BE ABLE TO LOCATE HIS ACCOUNT, HIS SEPARATE AMOUNT, & BE ABLE TO MOVE IT. PERIOD. I CANNOT BE LIQUIDATED OR REALLOCATED, DROPPING HIS CLAIM TO THIS ASSET ALONG THE WAY??? FOR HIS FORMER EMPLOYER'S SAKE, I HOPE THIS TURNED OUT TO BE A MISUNDERSTANDING. THE LAW IS ON YOUR SIDE. THERE IS NO DOUBT THAT YOU WILL BE ABLE TO RECOVER THESE FUNDS.
PLEASE FEEL FREE TO CONTACT ME IF YOU NEED HELP GETTING THIS DONE. I CAN HELP. I WILL NOT CHARGE YOU. THE BABY BOOMERS & THE MIDDLE CLASS DESERVES A HELPING HAND, SOME RELIABLE INFORMATION, A RE-EDUCATION, & COMPASSION. I NOTICED THAT THIS POST WAS A YEAR AGO. HOPEFULLY, YOU WERE ABLE TO RECTIFY THIS. I PRAY THAT THIS WAS RESOLVED. GOD BLESS YOU & YOUR HUSBAND IN ANY CASE. "IF WE HAVE NO PEACE, IT IS BECAUSE WE HAVE FORGOTTEN THAT WE BELONG TO EACH OTHER." -MOTHER THERESA
HERE IS MY GOOGLE VOICE NUMBER: 917-830-7796 & I WILL FOLLOW UP WITH YOU AT MY EARLIEST CONVENIENCE, OR ALTERNATIVELY, YOU MAY REACH ME AT LINKEDIN AT WWW.LINKEDIN.COM/IN/GOODJUJU. THANK YOU, KINDLY. HAVE A BEAUTIFUL DAY.