I have $332 in a retirement account? what's the penalty to take it out?

Question

i'm trying to get an idea of what to expect before i call them.

there's no point in leaving it in there since i'm paying like seven cents a year more than what interest i earn.

it's from a job i had years ago, and i'm tired of getting paperwork for it and would like to shut it down.

Some Info:

RVS Cash Management Fund (Class Y)

Employee Deferral $ 216.63

Employer Matching $ 29.66

Non-Elec Prft Share $ 86.32

Total Contribution Type Balance: $ 332.61

Answer 1

You would pay at least 10%, if not more, since you are not at retirement age. Why not roll it over into an IRA and make monthly contributions so that you can watch it grow?

Answer 2

If you are over 59 1/2, there is no penalty. Under, it is a 10% penalty.

You will also pay income tax (Fed and State) on the withdrawal, regargless of your age.

If you have another IRA, you can roll this account over into that account for no cost.