The first reply (bottom of this page) is how it played out for me too. Only thing I'll add is that they require you to have it paid out on the first day of a month that is over 30 days from now. So if today is May 15th, then July 1st is the first day they can have the check sent to you. They can also schedule it up to 90 days from now, so plan well in advance. It only took a few days for my 401k money, in comparison.
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Roll it or take it. I took monthly payment for life. 100 months is around break even. Figure I t better as an monthly income supplement.
.....it needs to stay where it is to avoid the penalty until you are 59 1/2. Talk to your advisor
Not true you can rollover to an IRA as described earlier. Take the lump sum and roll it over to an existing or new IRA. Dont wait and leave it with an unstable org like this.
Something to think about if you are 55 or over and may need to live on your 401k, it needs to stay where it is to avoid the penalty until you are 59 1/2. Talk to your advisor
hmmm... trying to decipher your question-- Call WF HR, there's an option for cash balance and they will send you a packet letting you know your options.
as for me when laid off, I opted to have Cash Balance paid to me monthly for the rest of my life....it's deposited to my account on the 1st. It's a small "pension" but doing the math, I opted for a steady flow of income being so close to retirement as opposed to taking the whole sum to invest.
You can keep it at wells but some might forget about it.
When I was laid off, it was a process but I asked for a lump sum to be rolled over to Fidelity. They make the check payable to whatever financial institution you may have an existing IRA with and they make the check payable to them FBO (for the benefit of your name). You then have to mail or hand deliver the check to your financial organization.
(With 401k, they can do a direct rollover but not with CB plan).
If you are married, your spouse needs to notarize that you are electing a lump sum.
You can keep it there if you have a large sum and take annuities when you retire, but I only had under 20k so wouldn't get much of an annuity so elected to rollover.
It's a little tricky getting through to the right department but just ask for the cash balance plan department.
Hope this helps.