Fidelity 401(k) urgent?

Question

how do i cancel a 401(k) retirement plan?

Answer 1

You can stop contributing by contacting your HR or payroll department.  Sometimes your plan will be set up so that you can do this directly with Fidelity.  

If you mean how can you stop contributing and withdraw all the money in the account, there are defined times you are allowed to do this, most commonly, when you leave the company.  While you are employed, you are typically  allowed to take out a loan which you repay or take a hardship distribution, if you can document a situation which is defined as a hardship.  

Not every 401(k) plan has the same options for distributions, loans and hardships, so again, I need to direct you to the HR department or the printed/online materials describing your particular 401(k) plan.  

Since the next 5 people who answer will tell you how much the taxes and penalties will be if you do take a distribution, I'll just add this note; you will lose a lot if you take a distribution and should not do that if you can avoid it.

Answer 2

You may decrease or cancel an indication of interest until share allocation takes place. Once share allocation takes place, your indication may not be cancelled or modified