How long does it thieve to move a 401k side?
My company was acquire and my existing 401k was closed to further funding. My HR rep at the time said it will clutch "some time" to get the IRS to approve the release of funds so we can move to a topical 401k.How long does this typically take? It's be approximately 1.5 years and I keep getting the "it take time" answer.
Answers: Totally depends on the IRS. Sounds like your commentary has to be merged near new 401k and distributions are not an opportunity. Also sounds like your feeble 401k might have be pushing the envelope in lingo of it's plan design. If it was a deep vanilla plan then nearby is no reason to submit to IRS for a determination message. That requirement was done away beside long ago. All the plan legally desires to do is make sure adjectives plan documents are up to date, complete appropriate resolutions and amendments to terminate, provide appropriate discern to participants, and later transfer the assets. The lone reason to capture the determination letter would be to CYA within case some documents are missing or it's an edgier plan.
The IRS is faster within their processing of determination letters but it still could be 6 months or longer.
u cud tranfer offer half to me thn it wud thieve less time
i will distribute bank details soon Yea!!
Lol xx
That is total BS. You are most particularly getting screwed somehow. Your HR rep does not know what he or she is talking in the region of. Forget the HR rep, you need to contact the 401(k) administrator from the elderly plan to find out what is going on.
I would treat it as if you'd quit the last employer, and get a new situation with a alien employer (which might essentially be what happened technically, depending on how the company attainment was done). I would try to do an IRA rollover of the plans contained by your old fund, into an IRA -- communicating directly beside the 401(k) company, not your HR people. Worth a try.
Are you competent to participate contained by the new 401(k)? Can you put untried money into the new 401(k)? If you aren't doing that however try contacting the NEW 401(k) company and ask them how to get enrol in the 401(k).
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