If and when we are sold any ideas what will happen with the 401k
21 replies (most recent on top)
"Take a Midol", Really? What, are we in middle school! Bullying, yeah I said it, is bullying at any age through any medium whether it's in-person or online. It's just not cool.
Any time someone rolls out the "Bully" term you know you are on the right side of the argument. All you bully haters take a Midol and chill for the afternoon.
OP is a troll. Hope ya die!
Your 401k contributions are held in trust for you at prudential. You do not have to worry about cci going out of business. Also to the extent that you are vested, the cci match is also yours and out of harms way. You can move your account only when there is an event that qualifies you to do so. The best one in your hands is your resignation from cci. At that time you can move the money to another 401k plan you might still be in from a previous employer or roll it into a Traditional IRA with any broker of your choice. When I quit I waited a week to allow time for prudential to be notified and then called Charles Schwab where I had an existing IRA. I told them that I wanted to roll over my cci 401k into my IRA with them and they called prudential while I stayed on the line. The prudential agent then talked to me and we did everything on the phone. The money was in my Schwab IRA 3 days later.
Hey "face" why don't you just take a deep breathe and leave the OP alone! You guys are amazing! Someone asks a reasonable question and you guys jump down their throat! Does it feel good to you to tear people down down? Are you that unhappy that you need to tear others down to make yourself feel better? Is this what we've come to here? I think we are all, to some extent, upset about the position that CCI has put us in with their immoral, illegal, and unethical business practices, however, bullying and making fun of someone for asking a reasonable question serves no purpose other than to make us no better than they are! I don't tolerate bullies very well, never have.
I am going to pretend I am the OP. Should I drink Miller Lite because it tastes great or is it less filing?
Next thing we know OP will come here looking for heathcare advice........
Pointing to specific 401k sites trying to worry OP and discussion of COCO makes it unlikely that OP is an employee. Besides, why come here for advice? You have no idea what the people here know. I believe OP is a troll.
No the op is just confused because I've never been in this situation and was wondering if it was transferable or if I could cash it out or what options were. That's it
It is my opinion that OP is a troll trying to get people worried and posted most of the posts. He or she just wanted to get everyone worried about 401k. That's how you spend your Sunday? Pathetic.
This board is full of bullies. Ignore them.
Well if it is imbalanced with CoCo then does it really matter anymore?
Ok thank you very much for the help
875 I totally agree I use to sell these You will be able to roll it into new employer 401k plan if the plan document allows transfers If you are over a certain age you can do an in service transfer - I did that. In any case Prudential Retirement will assist you The two things that are least favorable are a cash out if under 59 1/2 you will take 10% hit plus taxes, Any IRA rollover account would take away the loan privileges so hopefully the new owner's will allow rollovers.
Some of the people on this board are only here to be rude assholes - they're probably the phony little brown-nosing backstabbers of their departments - so the last place you should go for information, about anything, is this board. According to the following websites, you should be concerned: https://www.expertplan.com/articles/a013100.jsp http://www.401khelpcenter.com/401k_education/bankruptcy_and_401k.html#.VFadO8mRPw0
Hey OP, don't sweat these schoolyard bullies. The money you put into your 401k is your money that goes with you whenever you leave a job. All you have to do is either have the money transferred to a 401k plan you participate in if you move to another organization, or you can meet with a financial planner and reinvest the money with them. They can set you up with an IRA or you can put it into mutual funds, just as an example.
Ask Pizon
I'm just trying to see what may happen because I'm not sure what all the options are. I am receiving conflicting information from online research
Who puts money into a 401k that doesn't understand?
Well seeing as how I am an instructor who has trained a few thousand new auto techs and I am asking because I have never been through a buyout maybe you should go get a clue as to what the real instructors do at the schools. We don't care about finances all I care about is training my students to go get work. Since it sounds like you are not an instructor maybe you should go f*** yourself with yourself
Most likely the money will be removed and spent to put a spine back in your back from where they removed it. Moron, the 401k money is yours, when you go, it goes with you. I hope you are not an instructor, because you are not smart enough to open a can of beans.........