I need help with all options I have with Pension, 401K, HSA after layoffs.
Documents HR gave me during interview does not mention anything about what happens to my savings.
Does any one has idea about options available with these different accounts?
Can I withdraw or keep using same account or transfer?
@JC4H4pn-1zsl:. Just curious as I need to decide about health insurance soon. Was Cobra better than retiree insurance?
Been through all of this last year.
Pension - I officially retired from CoP, took my lump sum check and opened an IRA. You can leave it and do nothing. That is a personal financial decision. I got my lump sum check as quick as I could since if something bad happened to CoP (e.g. bought by another company or worse) there was no guarantee that the lump sum option would still exist. It also made no sense to leave it and have no investment choices. I needed to get that money working for me and have control over it.
401k - If you are referring to your Vanguard account, you don't have to do anything. I still have most of what I had in my Vanguard account. The only real downside is that you may have fewer investment options. I will probably be rolling this over to another IRA soon.
HSA - I just kept mine and continued to use it (i.e. payed medical related expenses with my debit card) until what I had in it ran out back in June. I no longer have any HSA money left. Note that your HSA will eventually transfer to a different HSA account but it still works the same.
Medical - A big issue. Stay on COBRA (up to 18 months) or find something else. The advantage with COBRA is that you don't need to make any changes to doctors etc. and you still get the CoP group rate which does help. ObummerCare is just expensive (for me, more than COBRA) and you do not get to keep your doctors. Period. If you are lucky enough to be of the right age when you leave then you might get some subsidy. I was not that lucky.
Good luck!
I believe we will get a more clarification when we receive the document after October 3.