In case of a displacement, can you choose to rollover the cash balance lumpsum amount (shown in the cash balance 'model my retirement' page') to an IRA?
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The India HR people can’t answer these simple questions. Thank God for this site!
Took a monthly payment until I croak. Hopefully I outlive the measly amount. But it is some pocket change every month. Sat dormant for 30 years barely increasing over the years. It is a dead fish until you roll it or take the payments.
Yes, roll over to IRA. I will be doing that as I am single and should something happen to me, the heirs do not receive the balance.
Yes you can roll to an IRA but only if you are retirement eligible which I would think anyone who has a decent amount in the plan would be. Empower won't do a rollover though. They send you a check. You have 60 days to deposit in an IRA to avoid taxes.
Unless you work at the FRB! they still have a pension in addition to a 401k plan, like we did until '09.
Wouldn't it be a good idea to leave the money in the CBP so that you can take one of the annuity options when you decide to take distributions?
Isn't something like 10 yr certain and life a good option? Or is there a risk that the plan could go belly up?
@rsg+1qPhHbj I don’t know that it’s 4% or fixed, but you’ll receive a “Investment credit” each quarter like clockwork
401(k) ki-led cash pension plans. Took future financial obligation out of company’s hand
If you do nothing in the plan, will it keep adding 4% a year until you decide to take the money?
Correct, the plan was suspended at merger close, as was Wachovia’s. They then did a “share award” in 401k for the combined company
@rnd+1qPhHbj Wrong. Was frozen coming out of merger.
@ibu Uhhh, the CBP was frozen years before WF acquired Wachovia. The Wachovia mess had no impact on the CBP.
Surprised this question didn’t make all the new people who ruined this company head explode questioning what is cash balance plan. Fist bumps to my old school legacy wf peeps with cash sitting in cash balance plan. Those were the days. Wachovia ruined it
Yes. You can do a direct rollover to an ira and the funds will stay tax deferred. Request the check be made to the Ira and not you directly. This avoids any tax liability & withholding.
Hold times are less here. Good question and good answers!
yes, when i left the company I rolled it over along with my 401k
Yes
HR support in severely lacking. It's so bad people have to resort coming to this site for answers to basic questions!