Yesterday I was informed that my company is converting to a new 401k plan. (I was given a letter awhile back but had no idea that all the funds would be liquidated and held in cash). My funds will be liquidated in about a week and then placed into a Money Market for up to 60 days during a “black out” period. I will have no access to the funds or otherwise be able to direct my investments.
I have been told that this conversion is not a qulaifying event. As a result, I cannot roll the funds into my own IRA and take control. It looks like I cannot prevent this from happening. Any tips?
I guess I will hope for an up day in the market and liquidate myself rather than wait for some arbitrary date. I don’t have much time and this will likely cost me. Of course, going cash may prove to be a benefit in this market . . .
We just went through this process at my company. With one MAJOR difference. Rather than parking the funds in cash, they mapped each asset category in the old accounts to best available matches in the new account and put the funds there. In about 70% of the cases it was the SAME fund.
You may want to raise hell about the approach your company is taking to the conversion. But cash may not be such a bad place to be for a while.
We just went through this process at my company. With one MAJOR difference. Rather than parking the funds in cash, they mapped each asset category in the old accounts to best available matches in the new account and put the funds there. In about 70% of the cases it was the SAME fund.
You may want to raise hell about the approach your company is taking to the conversion. But cash may not be such a bad place to be for a while.
We just went through this process at my company. With one MAJOR difference. Rather than parking the funds in cash, they mapped each asset category in the old accounts to best available matches in the new account and put the funds there. In about 70% of the cases it was the SAME fund.
You may want to raise hell about the approach your company is taking to the conversion. But cash may not be such a bad place to be for a while.
We just went through this process at my company. With one MAJOR difference. Rather than parking the funds in cash, they mapped each asset category in the old accounts to best available matches in the new account and put the funds there. In about 70% of the cases it was the SAME fund.
You may want to raise hell about the approach your company is taking to the conversion. But cash may not be such a bad place to be for a while.
We just went through this process at my company. With one MAJOR difference. Rather than parking the funds in cash, they mapped each asset category in the old accounts to best available matches in the new account and put the funds there. In about 70% of the cases it was the SAME fund.
You may want to raise hell about the approach your company is taking to the conversion. But cash may not be such a bad place to be for a while.
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