I was laid off the end of last year before completing my 3 years of service to become vested. There is still an unvested portion of money in my 401k. I would like to do a rollover to my new job but have been waiting for them to work through whatever with Fidelity. When you are laid off I thought that GE takes back the unvested amount. Anyone know how long it takes for their paperwork to work it's way through to fidelity? Or am I confused about losing the unvested, but then why has it not been all vested?
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It stays unvested, so you don't have access to it, but if you rejoin GE later, you can get credit for prior vesting. If you know for sure you're not ever returning to GE, or will work for a company that is acquired by GE, go ahead and roll it over to an IRA.
GE gets the money back.
I personally would not roll over your funds to the new employer. Pick a custodian, such as Fidelity, Vanguard, Ameritrade, ect, and invest with them. They will set it up as an IRA. That way you retain all options for investing your money. If you roll over to the new employer, your investment choices will be limited to what they offer.
Your screwed! GE gets that money back