Quitting this dump this year. Can I take my 401k and pension and roll them into my next employers 401k plan?
If I rage quit same day how do I do this?
May seem like a d-mb question but I’m concerned they’ll pull some schiesty BS
12 replies (most recent on top)
I left last year after almost a decade with the company. Yes, you can take your pension - either cash out or rollover into your 401k. I rolled over some and took the rest as cash after paying the 10 percent in taxes. The Alight people are actually really helpful regarding the process and paperwork. I’m also 44 years old so you don’t have to wait for retirement age.
You can't take a pension until you are of age. 401k can be rolled if vested.
@176 when did that pay change happen? All the HR changes at this place are so slimey. My guess is someones hands are getting greased by Workday. Don't even get started with the health plan!
Yep, but there's a sh-t load of paperwork to do to get it. Make sure all your i's are dotted and your t's are crossed and make sure they get the paperwork to process.
Don’t forget about the pay period change within the past few years where they held back a paycheck to adapt to our current pay cycle. Some recent retirees have had great difficulty getting paid for that.
I guess I was not the norm, I had only 1 issue when I left after 30 plus years. I was paid for all my PTO, rolled over my cash balance pension at 55 into my current employers 401K. I was told there is no charge if I left my 401K, if you choose to leave it, see what is best for you. I'm looking forward to collecting my Allstate pension when I hit 65. I do suggest when sending back the laptop & anything else, take photos of the FedEx shipping label with the tracking info. This is the only issue I had, I received an email asking me to send back my laptop, 2 months after I shipped it back. I emailed them back that it was sent & received by them with the FedEx info, never heard back from them about it. Good luck, there is life after Allstate.
Yes. You can rollover 401k into ira or new employeer. Pension take lump sum and roll it into ira.
Someone mentioned pto. They tried to prorate mine saying it wasn't all earned just because they give it to you at beginning of year. They lost the state claim process and had to pay me.
Than like 4 months later sent me a notice saying they overpaid me and asked me to pay them back in 10 days including the taxes that were withheld
Yes, you can rollover to another plan. I'd open a Schwab or Fidelity account and roll it there. Usually, it's less fees than 401K plans charge. Please don't leave until you get your Match and raise though. Make sure you screen print how many PTO days you've accumulated to make sure you get paid for them. Write down all phone numbers for benefits, HR, etc. I've never seen anyone not get what they are owed, but you never know. You can keep all equipment except laptop. I would just do a return equipment request through servicenow to get free box and label on your last day before you lose access. Good luck!
Not sure of your age/length of service but if you also had the old pension & qualify to retire you may/may not be able to take it also.
Make sure not to give any notice. They will terminate you and not pay those two weeks. Quit on the spot on a Friday.
If you have any company issued equipment (laptop, cell, etc) be sure to generate a separate return label for each item. Track each item to its destination and retain all that for at least one year. You will have to provide your own boxes, a small price to pay. They have a comically error prone equipment return process due to it being shady vendor operated. Have a ready defense when they lose some or all and then you get the letter accusing you of theft.
Don't blame you at all. Gets worse by the day. Grunts perform perpetual CPR on a completely broken system while "leaders" go back to brunch.
Anything you've put into the 401k is yours. Anything matched is yours after 2 years of service. You can open an IRA at any broker and roll it over tax free. The pension is yours after 3 years and you can also roll over the cash value to an IRA. Not sure if these are possible while still employed but at least look into it before slamming the door on your way out. Don't leave a dollar on the table with these penny pinchers.