My husband had a 401k with a company. Now that he no longer works there, does the 401K even exist anymore?

Question

I don't know anything about 401K's. Does his 401K still exist? If it does, how would I go about getting information on it? (We're not planning on taking money from it...it's just curiousity...)

Answer 1

Yes it does still exist, you should have paperwork on it regarding the company the 401k is organized through. Like i work at a company w/ a 401k but the 401k is ran through fidelity. So all my info is actually at fidelity

Answer 2

yes, it does exist you will have to contact the person who is administrating the plan where your husband worked should have the information

Answer 3

If the plan was company-funded, as long as he was fully or partially vested in the plan, at least some of it should still be there. 100 percent of any contributions he may have made himself out of his own salary will still be there as well.

He should have been receiving quarterly statements in the mail or on line for as long as he has been a member of the plan. If he has not, he needs to contact the HR people at his former employer to find out how he accesses his account and how to find out its current value.

Answer 4

can either take his money in a lump sum or in payments or move it to something else.. it doesn`t cost anything.. except if he takes the cash pay out then he will pay taxes on it..

Answer 5

Take your husband down to Charles Schwab and have him open a Self Directed IRA.   Schwab will have him sign the papers and they will take care of the roll over of his 401(k) from his previous employer.  Once the money is moved, he can choose from a vast array of investments.

Answer 6

Yes it still exists.  The company will continue to manage it (as long as they remain open) although you can't continue to contribute to it.  You can roll it over into another 401k (if his new jobs offers it) or roll it into an IRA account which would allow you to continue to contribute to it.

Answer 7

If your husband only recently left the company, usual practice is for them to get in touch with him to advise him of his balance and his options.

If not, call the Benefits department in Human Resources in your husband's old company (or have him call them, because they probably will not answer questions for anyone but their own previous employee).  

The money is still there, you need to take a cash distribution and roll it over either into another 401K, or into an IRA you can set up for yourselves with a bank.  If they send you the distrubition via check, don't cash the check because then it will be taxable; use the give the check directly to the new 401K or the IRA bank.

Answer 8

Absolutely it is still there.  When he left, he should have gotten information about it (who to contact, etc.)  If it was a relatively small amount, many times they'll insist you take it out or roll it over.  If not, usually you can just leave it there for all eternity until you retire (I don't recommend).  

For his 401k, there should have been some paperwork that comes to the house about it (or did at one time).  There should be contact information on that paperwork.  There is a third party company who handles the 401k....I've had Fidelity or Vanguard before, for example.  Contact them

If all else fails, contact the HR department at the company he left for more information.  But bottom line is...it is his money and it is still there.

Answer 9

Yes, your husband's 401(k) still exists.  That money is his until he decides to withdraw it.  Contact the administrator for your husband's account - you should still receive statements showing the balance, which will contain the name of the admin.

Whatever you do, before you withdraw anything, check with an adviser.  If you withdraw early, there may be taxes and penalties that can cut into the balance.  

You also have the option of withdrawing the money and rolling it directly into an IRA -  a bank or investment manager will tell you how to this this withour penalty.

For more info on pensions and 401(k)'s, try the following website - it has some good info and other links:

http://www.dol.gov/ebsa/savingmatters.ht...