What happens to your 401K while you are on severance pay? I understand you can no longer contribute but can you change the allocation of your contributions? Is it frozen? How long can you leave it in WFC? Or can you withdraw, close and reinvest?
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@kkb - yes they sold retirement, what's your point? It's still WF's 401(k) and they're the sponsor, decide on investments and plan provisions.
Roll it over into an IRA at Vanguard. Their expense ratios are the lowest. I've been with them over 10 years. I've been contributing to my 401k and a separate Roth IRA for a very long time now. Roth IRA can also serve as an emergency fund if you should ever need it.
You cannot move your 401k until your salary continuation period is over, but you can continue to access and manage it.
you guys are id–ts if you haven't moved your 401k shares out of wfc and into nasdaq or sp500
WFC 401k is garbage. Move the money to an IRA and enjoy much better investment choices with superior returns for the long run.
Omg you people are fools. Wells sold retirement last year.
You can only make the inservice rollover when you turn age 55 or older. You have to transfer it when you have been gone for 10 years.
Anyone can make an in service transfer of wells 401k to an external ira or annuity
Honestly one of the benefits of being laid off is to take your 401k funds elsewhere to a service that actually has a selection of legit funds and individual stocks, ones that pay you a dividend, and you can actually earn a nice return. The wf 401k funds are pathetic. Total garbage. The day I’m able to access my funds outside of wf is the day I unleash that money and finally get to put it to work.
Never frozen. Wells Fargo wants you to keep your money in the 401K forever, because they continue to make money off of it. Yes you will be able to access it and change your allocations. Or you can roll it over into an IRA and reinvest it.