New company what are the options for those with the 401k?
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Fidelity is really easy. You can set it up online in a few minutes & they're nice if you call with questions. You don't have to choose how you want to allocate the $$$ right away if that's the part that's stressing you out. I opened up a small regular interest bearing checking account with them too at the same time. I think you can open up just the IRA though. I liked the idea of have an account separate from my regular bank. Less temptation to use the money but still completely liquid.
You don't have to find the IRA right away. Just get it ready because those deadlines are real.
Better safe than sirry.
Doesn’t your HR and SM share information with you? This has been out for a month that if you participate they will be sending you information to roll it over into the new company, another 491K or take it out. If you do nothing they will disburse it to you themselves. It won’t stay in the current 401K because that is closing.
Move your 401K to an IRA and have State Street mail you a check. I think they manage most of the funds in the old Sears plan. Make sure it is IRS distribution code G that means direct rollover. Fidelity or Chase have painless IRA set ups. If the new Sears does not match any 401k deposits then I would not bother with it, deposit your new money in your new IRA. You don't want to risk the 20 percent tax bite and/or penalties. Don't wait for the Transform Co 401k.
I'd pull your money out and put it under a mattress. It would be better than keeping it in this company.
You should log in and read your documents in your mailbox. You have 30 days to move it to IRA or to your new company's 401k plan. It doesn't sound to me Transform Hold Co will have 401k for you to rollover to in the next 30 days. They told us they will have it in June but that can be more than 30 days and by that time they could mail you your money minus 20% withholding.