Like another poster suggested I went to my retirement account to request a withdrawal (just in case), but there is a lovely notice saying that I am ineligible and there's a PDF of a termination letter regarding retirement benefits dated today.
So far I haven't found someone who doesn't have it...
For the love of God, that letter is just a sample! Shame on whoever is trying to scare everyone. I bet it you check the letter each day, the date on the letter will be the current date.
Don't listen to the "my friend" poster below- totally inaccurate. Think about it, if you are part of the layoff your last day isn't until 60 days from the date you are notified that you are being layer off. You will remain active that entire time as you are still an employee meaning you will continue to be a participant in the 401k up until your last day as a Humana employee. Now, if you ARE impacted and decide you want to stop depositing into your 401k you can in fact stop contributing, anyone can choose to stop participating at any time. Just so everyone knows, I am speaking from experience as I have been layed of by Humana in the past and had a 401k at that time.
I called the number listed yeaterday, as mine showed the same thing with the sample termination letter when I looked. The rep stated that my account showed as "active" meaning I was still working for the company. She informed me it would say inactive if I was no longer working for Humana. You can go under the "My profile" tab on your online account and that is where it shows if your account is active or not. Hopefully that is helpful!
I'm going to contact Schwabb. Maybe the Schwabb rep was incorrect?
My friend has the notice. Just called Schwabb to see why. They said it means she has left the company, is leaving, terminated or laid off. So there it is. This blows. The cheat to see if you being let go.
The only way you would qualify for a withdrawal is if it's a hardship. That would have to be approved through Humana. That's why it says contact your plan administrator or something like that. Avoid a loan or withdrawal if possible. A $25k loan or withdrawal could potentially be a loss of about $100k over the next 15 years at an assumed 8.8% rate of growth. Don't do it if you can help it!
Just FYI... If you take out a loan and are terminated you have 90 days to pay it back or it will convert to a withdrawal and you will have fees and penalties on the balance.
I'm an SS and just checked mine - it says the same thing and we were told we would not be impacted. It states I am ineligible for withdrawals and offers the same "termination" pdf, but the "termination" is just a sample letter of how to terminate or change/withdraw your policy. I would look closely at the pdf and not read too much into it. Call Schwab directly if yours is different or you are concerned. Good luck!
You can withdraw when ur not terminated...there are certsin hardship withdraws you can apply for, they r listed. But yes u cant just withdraw, u can do a loan ( up to 2 at a time for any reason
For one, you DO NOT want to do a withdrawal! If anything you want a loan that you would pay back. A withdrawal will come with an automatic 10% penalty and hefty taxes. A loan is at 5.5% interest and can be paid back in 2-48 months depending on what you choose. I have the same PDF on withdrawals but it says Sample Letter. See if you can model a loan. I can.
Okay so you were able to get your money
It is showing that you are not eleigible for a withdrawal because you are NOT terminated. You cannot withdraw while you are still employed.
So it says your account is being terminated
I am a PHC
I think its an example letter, i doubt its termination notification
OP are you a phc
I'm the one who just posted the question...and never mind. I found it. I also have it when I select the link to request a withdrawal.
Where did you see this on Schwab's site? I am wanting to check into this myself, but I don't see it.