answersLogoWhite

0


Best Answer

No, you cannot. You cannot transfer a 401k balance from your current employer to any other plan. Obviously, you can discontinue participation in the 401k and make contributions to a new or existing IRA in your name. But you cannot transfer the balance elsewhere. Unless however you are over the age of 59 1/2, in wich you would have access to the balance in your 401k plan, and would be eligible to roll it over.

User Avatar

Wiki User

15y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Can you roll over your 401k plan with your current employer to an IRA and discontinue participation in the 401k?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can money be rolled from a current employer 401k plan into a rollover IRA all the while keeping the 401k open?

only if the current employer allows in-service withdrawals.


Can you roll a previous employer's 401K into a new employers 401K?

Yes. You can roll a previous employer's 401k balance into a new employer's 401k. You can also roll a previous employer's 401k balance into an individual retirement account (IRA) if you wish to maintain control over the investments.


What happens to your 401K when you leave your employer?

You own your 401k so when you leave your employer you still own your 401k. You can either leave it where it is or you can move it to which ever company manages the 401k investments for your new employer. how do i git access to my 401k from this company so i can transfer or cash it in.


How can i get my 401k info from an employer?

Your employer should have their records electronically stored. The 401K is usually with a separate company anyhow. You will need to find out who sponsors your 401k and their contact information. Your employer will have access to this.


Is a 401K the same as an IRA?

A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not.


Do chefs get a 401K?

Any employee, regardless of the type of work he or she performs, is eligible for a 401k if the employer offers it. An employer is not required to offer a 401k, however. If an employer-sponsored plan (401k, 403b, SEP IRA, etc.) is not available, often individuals will contribute to a Traditional IRA or Roth IRA.


How can I rollover my 401k?

You can rollover your 401k by applying for or opening a new 401k through your new employer. You don't have to do it though. Withdrawing from your 401k will result in penalties.


Can money be rolled from a current employer 401k plan into a rollover IRA on a periodic basis such as every 3 months all the while keeping the 401k open?

Based on a wide spread believe - it can't. Based on my conversation with IRS yesterday - it depends on your plan (401K ).


How do you get a 401k?

A 401k Plan generally is offered to employees by their employer. If you are self-employed, you may start a 401k or other retirement plan.


Does an employer offer a roth IRA?

Employers do not offer any type of IRA, they offer 401k plans. Many employers offer both traditional 401k plans and Roth 401k plans. You will need to check with your employer to see if they offer a Roth 401k option.


Is the plan administrator of a 401k the employer or the company handling the 401k?

The Plan Administrator for your 401K can be any number of people. It could be the employer, an executive at the company or someone that was hired specifically for that job.


Can you transfer an IRA to a 401K?

It all depends on your current employer's plan rules. They may allow all rollovers into the plan or restricted them to just other 401k's. You should refer to your plan's Summary Plan Description, which can be obtained from your Benefits Department.