Can you move your vested cash balance funds to another servicer/provider after a layoff?
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I started taking disbursements --while I didn't have an exceptionally large amount of money in the plan, the guaranteed income I'll receive throughout retirement and the rest of my life will ultimately add up to more than the original amount.
Wouldn't want it locked up in an IRA until 59.5. but for anyone over that age, yeah, makes sense.
Unless you trust Wells Fargo with your money...........OMG, I actually had to laugh at that one
I took a full distribution and had taxes taken out at the time. It's all mine now. Annuity payments weren't worth doing on a monthly basis.
For the Cash Balance, you can request a lump sum and designate your IRA provider as the recipient. They'll send you a check to roll it over. I just did it earlier this year.
If you are married, you'll need to complete forms and have your spouse in front of a notary and return it- before they'll do a rollover.
I am in the process of converting my 401k to an IRA. The nice thing about everything being done thru Empower, they (supposedly) don’t charge any monthly or maintenance fees once you continue with them. I would have converted already but you can’t do it until you’re done with your 60-day non working period.
Yes - I rolled my balance over to my IRA.