When you leave a job where you have participated in a 401(k) plan, you may have a number of different options about what to do with the money in that account. This fact sheet explains those options and offers guidance about the pros and cons of each option.
Here are some frequently asked questions answered in this face sheet:
Q. Can I leave my money in my former employer’s plan?
Q. What are my other options?
Q. If I decide to withdraw the account balance from my former employer’s plan, how do I do that, and how long should it take?
Q. My former employer does not seem to be in business any more. How can I get the money from my old 401(k) now?
Part of the UMass Boston Community-Engaged Teaching, Research, and Service Series. http://scholarworks.umb.edu/engage
Medeiros, Jeanne JD, "Your Former Employer’s 401(k) Plan" (2015). Pension Action Center Publications. 14.