FYI - Tried to rollover my 401K into my IRA this morning and was informed by the Fidelity rep that I must wait 30 days to do so. He also told me that my current 401K investments were not available in the IRA and it would be necessary to liquidate the 401K investments and the time of the rollover.
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Netbenefits tells me I have no rollover options. My termination date was Oct 31, 2017. Do I need to speak with Fidelity rep to do the rollover?
Remember ... All Sept 1st RIF’ed empoylees based in Santa Clara are under the 60-day WARN Act which means you are “technically” still full time Oracle employees until Oct 31st. The Oracle 401K administrator will not allow current employee 401k rollovers. You must wait until Nov 1st to request a rollover unless you find a new job within Oracle and decide to remain employed
with them.
OP - yes, what they told you is what I heard from them as well
Yes, that is how it works. There is a specific way to rollover the cash from the liquidation directly to your IRA so that there are no tax consequences.