Thread regarding Whole Foods Market Inc. layoffs

Question about 401k

Do I still keep them? What happens with those?

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Post ID: @OP+DIEoMF8

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Be forewarned the fees and taxes are substantial for cashing out a 401k.

And subject to penalties on income tax (it is treated as supplementsl income like severence i believe..had it happen once before, never again)

Roll it over to IRA when you are given option.

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Post ID: @WOg+DIEoMF8

It's yours to keep. You can cash it out of you choose but you will pay massive taxes on it. If you're getting severance and it's decent hold off on cashing out of you can. If you need to cash it out Fidelity will help you. If you decide not to cash out you can leave it in Fidelity until you get a new 401k and then roll it to your new company or it would sit at Fidelity until you retire. All in all, WFM can't touch that.

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Post ID: @7En+DIEoMF8

I believe your 401k should be fine. That is your money held by a private company(Fidelity). You can cash it out if you have a hardship case which Im pretty sure losing your job would qualify for.

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Post ID: @BJH+DIEoMF8

It's all yours. You roll it over into IRA or new employer 401K. Your choice. I recommend IRA

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Post ID: @EBQ+DIEoMF8

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