US exes, all of the layoff paperwork suggests that we need to either cash out of our 401k or roll it over. I called Fidelity, and they confirmed that we don't have to do either (whew -- glad the rules didn't change). We can leave it where it is and Oracle must continue to administer the account. So don't get bamboozled into thinking you have to cash out or something.
Any other tips or helpful hints out there?
I did roll it over eventually, but right after I left, it was good to find out I just didn't need to deal with it right away. Oracle should not be withholding that information.
At least look into a rollover, FFS! The Oracle plan is fee laden, and you can move it to a place with much better selection of investments and lower admin costs, which YOU pay, not the Plan. Don’t be complacent if it’s your main retirement amount involved.
I don't understand why Oracle withholds that information?
Does it cost Oracle something, for employees to keep the account?
It does. They have to pay a fee for every account Fidelity manages. Which is why they want you to roll it over as soon as possible. More slimey tactics from slimey HR. Which is not to say you SHOULDN'T Roll it over if it to your advantage, but they are not advising you properly or giving you all the information you need.
If you have a loan on your 401k, you can also continue to make payments directly to Fidelity.
I left a couple of years ago and was also confused about that. I thought I had to roll it over somewhere. I was not laid off. I called Fidelity also, and they said it was fine to leave it where it was.
I don't understand why Oracle withholds that information?
Does it cost Oracle something, for employees to keep the account?
Get the hell out of Oracle. That's the only tip you need.
leave it here, let big O pay for admin-ing it, that's why they are telling you to take it and go, they are pinching pennies with you to the bitter end.
if you roll it over, roll it to another 401K and not to an IRA, otherwise, as others have said, you loose a lot of liability protection
I would just leave it in the 401k, see what your next line of work offer and compare plans and fees.
Assuming that is true, I have no liens or debt and no legal judgements coming.
do you really expect HR to be helpful? they are less than worthless.
This is Oracle, as usual, they only tell you what they want you to know only.
While I agree that a rollover can make a lot of sense, the point is that Oracle isn't telling us ALL of our options and giving the impression that we have two, not three, choices. There's NOTHING in the paperwork that mentions you don't have to do anything at all.
If you leave it in a 401k, it will be sheltered from leans or judgments.
Yes you can leave your 401(k) as-is. but why? If you roll it over into an IRA, you can add to it.