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401k and 403b Plans

~800 answered questions
Parent Category: Retirement Planning
Tax-deferred savings plans. In the case of Roth 401(k) plans, withdrawals are tax-free whereas contributions to standard 401(k) plans are pre-tax and profits are taxable at the time of withdrawal.
Answer To have a Solo 401k you have be the sole proprietor of a business, be in a partnership or establish a corporation. Essentially, you need to be self employed;not employed by another. To not have to file tons of paperwork, you should not have any employees except a spouse. If you have other…
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Answer generally no. the only type of money that can be put into a 401k are payroll deductions, roll ins from other 401k's, traditional or Rollover IRA's and pensions. If the stock options are in one of these plans, call your plans service center to get your plans rules and procedures. It…
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Answer Your employer normally give you this type of document on your way out of the door. You can either keep the papers or if you would like to make a withdraw from your 401K, just fill out the paper and send it to the address(usually stated on the paper).
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Answer No. Loans from 401(k) accounts are not usually reported to credit reporting agencies, so it should not affect your credit history favorably, or negatively.
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I took money out of my 401K and lost my benefits for a five months. So did any of my group who were laid off who took any money out. We are all from ohio. I am not sure how the person who answered yes could have gotten around this. We were all senior employees and it was old money. Didn't matter. …
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Answer Yes, but not until your discharge. If you take money out of a 401K after you file and before discharge, the money is no longer exempt and could be taken by the Trustee. If you take it out after your discharge the money is yours.
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Roth and 401k plans are separate investment vehicles. Roth IRA is offered to individuals who qualify. The Roth IRA has yearly contribution limits, and offers no present tax treatment. The benefit is in the end where the withdrawals are all tax-free (see age requirements for withdrawals without penal…
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Answer Generally yes. Dependent on Income level. Must pay defered taxes on the SEP IRA as it transfers.
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If you are over 59 1/2 you can withdraw money from your 401k for any reason.If you are under 59 1/2 you can take a loan on the 401k in most cases.Ask your 401k administrator about this.Also, if you were thinking about taking a hardship withdraw to pay off your second mortgage, that isn't allowed. In…
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No. Generally, a divorce decree severs any legal rights either party had to the others estate. Divorce is the termination of the marital relationship between a legally married couple. Once the decree has been issued neither has any legal relationship with the other outside of the provisions set fort…
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Pension BenefitsThe spouse is entitled to 1/2 the pension up until the time of the divorce. After that it's up to the judge.More Information: Social Security BenefitsA couple must be married for at least 10 years before a spouse is eligible to receive any portion of the other spouse's Social Securit…
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Answer Presuming it's a voluntary bankruptcy of course: The general consences from previous similar questions- Try asking the court clerk for the assigned judge. If a Trustee has been appointed, contact them. Don't appear for the 341 meeting. (Personally I think contacting b…
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Answer The only questions they are "supposed" to answer is How long you worked there and What type of employee were you considered while under their employ for the specific job that you were hired to do. They can verify the amount of pay you made and if you were punctual.
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The question should say "age 59 and 1/2 years." For whatever reason, 59.5 years is the age at which you can start withdrawing funds from your 401K without penalty. Before 59 and 1/2, the penalty for early withdrawal is 10% of the taxable amount of your withdrawal. You can also withdraw money from …
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Not usually, but their are exceptions As an employee, you cannot directly setup a 401K, it must be set up by your employee. If you are self employed (generally defined as you get a 1099 vice a w2 but the 1099 can't be from a bank or stock account and you report the income on schedule e, se or f…
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Answer That is a guideline of the plan document and varies by the manner by which an employer transfers the funds to the plan. Ask your employer or the plan reperesentative for specifics.
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Answer Charitable contributions are deductible only if you itemize deductions on Form 1040, Schedule A. To be deductible, charitable contributions must be made to qualified organizations. Qualified organizations include, but are not limited to, Federal, state, and local governments and o…
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Not that I know of, unless you are retiring. Usually they require one to be 100% vested before withdrawl.
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The next of kin to the policy holder will get paid for the policy.
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i work at panera bread in Rhode Island and i get 65% discount on all items during the work day. On days off I receive 15% discount. Also, at the end of the day, all of the goods are given to good will, or shelters.You also get good health insurance benefits (medical, dental, and vision) if you work …
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It depends on what you invest in in your 401(k). If you invest in stocks, their return typically outpaces inflation. Bonds return less, and so it's harder to outpace inflation. If you invest in cash, such as in a money market fund, then you won't outpace inflation.
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Answer I had a client in the same situation.  (I assume you are the person who took out the loan on your own 401(k) ) When the rollover took place, the amount of the outstanding loan was deducted from the rollover amount.  So the loan was paid off when the rollover was made.  …
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Safeway 401k advice Try this website: http://www.fundadvice.com/401k-help/401k-plans/401k-safeway.html
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Fees are higher in a Variable annuity than they are in say a fixed Index Annuity.
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No. It is protected by law.
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Answer Determining Costs: Use of Activity-Based costing in the management cycle where the main focus is managing activities rather than costs. Value Chain and Supply Chain analysis in the activity management. Identification of Value-Adding activities and eliminating Nonvalue-Adding activiti…
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Answer National Registry of Unclaimed Retirement Benefits
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Answer These assets should not be effected at all.
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Answer I believe new bankruptcy law exempts all retirement from being touch during bankruptcy so it should be safe
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Answer Yes, unless the person in question is still working and contributing to the plan
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Based on a wide spread believe - it can't. Based on my conversation with IRS yesterday - it depends on your plan (401K ).
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Answer Sure. But you would be wiser to give the inverstment from a non-qualified account as a donation. It can be given with the deduction being at it's current or stepped up basis, without you having to actually sell it and realize that income first. Whereas, any RMD from your qualified plan…
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Maybe I'm not reading this right, but YES. How else is the employee supposed to know when to show up to work.If this was a pre-existing "I can't work Sunday's" from the get go, then I would see what's up. I'd suggest checking out http://www.employee-scheduling.com for Fendza employee scheduling soft…
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Answer For the most part my previous employers treated me with respect as that was the way I treated them. You only get out of this world what you put into it, be it a job, your personal life, no matter. You get as much as you give and sometimes more comes your way.
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No. No. There are, however, two points at work here as follows: A 401(k) account is a retirement account that is generally protected from creditors. You are only allowed to access the funds at retirement or through loans where you are effectively borrowing money from yourself and paying yourself ba…
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Answer $15,500 +$5,000 additional($20,500), if 50 or older Answer $15,500 +$5,000 additional($20,500), if 50 or older
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Because this is a retirement fund there will be a penalty for not rolling it into another retirement fund but you can liquidate it. You would be charged 10% penalty plus the amount would count and be taxed as normal income in the year that you take it out.
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Answer I dont think so, but you can verify the information by calling your State Insurance commissioner, normally a toll free number.
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You contact a company such as Vanguard or T.Rowe Price or Fidelity Funds, and tell them that you want to open a rollover IRA account, for your 401k account. They will have you provide some information (name, address, ssn, etc). Often people will choose a mutual fund for their IRA. Read about them …
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only if the current employer allows in-service withdrawals.
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No..not from the IRS...I guess there could be a special fee from the administrator. Its actually good to NOT have much of your retirement savings invested in the stock of your employer....all your eggs in one basket is the term.
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Whatever you feel most comfortable with. There is is no right or wrong. I usually keep my cools and warms apart and mix in the middle. I learned to arrange my colors from warm to cool across a straight line and then use the rest of the palette to mix Another way is to keep the mixing area and pain…
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No, you can only roll a 457 into a traditional IRA As of January 1, 2008, you can roll over pre-tax 401(k), 401(a), 403(b), and 457 plans directly into a Roth IRA
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When drawing Florida, attention must be given to its geographic characteristics. Florida is a peninsula, so should be drawn as a roughly long, thin, triangular shape, that can then have details added and changed until the desired result is produced.
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Whoever recordkeeps your old employer's plan (Fidelity, Vanguard, etc). If you don't know who that is, contact your Benefits Department or HR dept and they will tell you who it is.
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You can call Kellogg's my HR Connection toll-free at 1-877-694-7554. Or, you can send an email message to Kellogg's People HR Connection at myHR.Connection@kellogg.com. I'm trying to find out about my vested pension from the early 1980s, good luck.
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yes No...not by default -you might have been married 10 years, but spent 9 of those years overseas, living away from your spouse working a $400,000 per annum job, while your spouse taught grade school for $34,000 per year and kept the kids. Do you think you'd get awarded 50% of a school teache…
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to get the money away from the previous employer and to continue tax-deferral
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A 401(k) plan is a "savings" plan that allows an employee to put aside money from his paycheck before any taxes are calculated on it. In other words, there are no federal or state taxes. They are however subject to social security and medicare taxes. The 401(k) plan is administered by the employer. …
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Check with your human resources department or the payroll department of your employer.
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Per the FDIC website: http://www.fdic.gov/consumers/consumer/information/fdiciorn.html What Is Not Insured? Increasingly, institutions are also offering consumers a broad array of investment products that are not deposits, such as mutual funds, annuities, life insurance policies, stocks and bond…
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Like you, I could not find any ticker symbols for these funds. You could ask Mutual of America what they are. Where do you have these funds? Is it in your 401k plan? Some 401k plans have funds that do not have a ticker symbol. Usually these funds will be a "kissing cousin" to a fund with a tic…
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The 401(k) maximums for 2009 was established based on a cost of living adjustment. The 2009 Basic maximum 401K contribution amount is set at $16,500. Catch up contributions allow a maximum of an additional $5,500. Catch up contributions would bring the total to $22,000 but you must be 50 years old …
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You can elect for either under most plans...butit is virtually always done as a contribution BEFORE tax, and not included in yoiur current earnings. That is in fact one of the big benefits..your 401k contributions aren't taxed going in...they arent' taxed while they grow...and only when you start …
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The only accounts that can be rolled into a 401k plan are other old 401k plans. You can not co-mingle the accounts. Once you rollover a 401k to an IRA or Annuity, you forfeit the right to put the money back into another 401k plan. However, there is really no benefit to putting the money back into a…
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If you do not pay back you 401k loan, it will be looked at as a withdrawal. Which means not only will you be taxed on that money this year, you will also have to pay a penalty for early withdrawal.
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Nothing they are exempt form seizure.
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Yes, you can absolutely rollover your 401k into a CD. However, you will want to make sure that you roll it over into an IRA before purchasing your CD to avoid tax consequences. If you do not do it correctly, then you run the risk of being taxed at ordinary income + 10%. Beware! eRollover is a great …
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Yes you can. Please refer to fidelity's website on how to proceed.
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Requires a QDRO (Qualified Domestic Relations Order). Check with the employer's HR or benefits administrator to see if there is a preferred DRO template to use. An attorney would have to complete the order and then it needs to be sent back to the benefits administrator to be deemed qualified.
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Not sure what you are asking, but generally you cannot simply convert your 401k to a Roth 401k, unless this is something your current company offers. If it is offered, then you would have to pay taxes on the amount that you rolled into a roth 401k, but would never pay any other tax on the gains or d…
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Oh yes. That is considered income and you have to pay taxes on it.(Understanding that it wasn't taxed when you contributed to it, or as the investment grew).
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The telephone number is 888-782-7088.It's website address is www.SUPERVALUstar401k.com
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Yes you can contribute to all three however the 401k and the 403b share the same elective deferral limit (402(g) Limit) of 16,500 plus 5,500 for over age 50. 457 have a different limit (it's call a 457 limit) plus a separate age 50 catch up (only for governmental 457 plans) so your totals are 16,50…
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then the distribution amount will be counted as income to you for that yr, you will be receiving 1099 form
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They are important because they're helping you plan for your retirement. Social Security is not guranteed and 401k accounts allow you to set aside monies (Normally on a pre-tax basis lessening your taxable income.) to plan for your own retirement. Some plans also offer luxuries such as loans and in-…
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You cannot transfer your UK pension to a 401K. However there are QROPS (Qualifying Recognised Overseas Pension Scheme - See related link below) available for residents of the USA. These Qrops meet the strict reporting requirements of the IRS and transfers to these schemes have the approval of the IR…
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No - When you're completing a rollover to a new plan, whether it be an IRA, 403B, 457, or 401K, it is considered to be a "Lump Sum Distribution" of the account. When you take a "Lump Sum Distribution" it automatically defaults the loan on your 401K. "Default" means that it is reported to the IRS as …
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You can collect from a 401K at any age; however, there are withdrawal penalties as well as tax penalties until age 59-1/2. After 59-1/2 you will still have the penalty of it being taxable income, but the early withdrawal penalty goes away. the goal is to delay withdrawals until retirement when your …
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Your plan administrator should be able to tell you the percentage that your 401K plan will allow you to contribute as your part of the deferred compensation amount.The amount that an employee may elect to defer to a 401(k) plan is limited by the Internal Revenue Code. In addition, your elective cont…
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Without paying the 10% early withdrawal penalty Once you choose to start this distribution method you will have to make sure and follow the rules for the period of time that is required or you will be subject to the 10% early withdrawal penalty on all of the taxable distribution amounts for not meet…
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After age 59 1/2 the taxable amount of your distribution will be added to all of your other gross worldwide income and taxed at your marginal tax rate form the -0- % to the maximum 35% rate for the year 2010.
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62 It would depend on which country you live in. In the United States, full retirement age for someone born between 1943 and 1954 is 66.
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Yes, but it is possible that Texas MAY deduct from your unemployment benefits that portion of your 401k that was contributed by the employer. Check the Related Link below and the Texas 'office to determine their criteria.
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Wait until the case is closed. To be absolutely safe, waith six months from that date.
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My CPA, has advised me, that you can take funds out of your 401k/IRA without any penalty or it being counted against your income. Bottom line, it is not counted as earned income.
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NoBenefits and refunds payable by pension or retirement funds are exempt and not subject to deduction orders. 735 ILCS 5/12-804. See also the exemptions listed in the section below for non-wage garnishments. 735 ILCS 5/12-1006 exempts a debtor's interest in pensions, annuities, benefits, distributi…
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Yes, but your unemployment benefits may be affected (or denied) in the week of withdrawal, as explained in item (f) on page 5 of the Related Link below.
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No. There are, however, three points at work here as follows: A 401(k) account is a retirement account that is generally protected from creditors. You are only allowed to access the funds at retirement or through loans where you are effectively borrowing money from yourself and paying yourself bac…
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You can, but you had better beware of the consequences. When you take money out of your 401k plan before the age of 59 1/2, you have to pay ordinary income tax on the amount plus a 10% penalty. As a result, you could end up paying more than 40% of the total amount of the check in taxes. For more a…
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In investment planning, ctbs stands for "collateral trust bonds". Being eligible for ctbs means that the 'cash' amount of the fund is backed by the securities actually held. IE, if Investments4You suddenly ran off with all their office furniture and all the cash in the vault, the share-holders would…
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The maximum FICA tax for 2011: Employer 7.65% SSI: Employee 4.20% Employer 6.20% MED: Employee 1.45% Employer 1.45% Income subject to SSI tax: $106,800 Employee $4,485.60 Employer $6,621.60
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Call 1-800-BENE and choose the correct option for retirement service center.
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I work for Fidelity so can tell you that it depends. Your old employer may require paperwork. If so, it could take around 21 days before you get a check. If your old employer does not require paperwork then it takes about 7 days.
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Weyerhaeuser is based in Federal Way, Washington
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Pension or 401K payments: Payments from a 401K or other pension plan, will not affect your unemployment benefits if: you are subject to a penalty for early withdrawal;you roll all of it into another retirement fund without taking a payment; or,the payment is from a fund that none of your base period…
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Then you need to notify your plan administrator immediately. You will then receive a Return of Excess from the plan.
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That all depends on your plan their plan document. The 59.5 withdraw can include many sources of money (EE only, EE and ER, etc). It's up to your company's plan document. It's best to reference the Summary Plan Description.
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Most companies that specialize in these type business have very good products and services to offer to their clients it really depends on the individual and what the individual is looking at in long term goals with a 401k.
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Prudential is just one company that offers 401k services. You should invest in a 401k to ensure you have retirement income, and you should choose Prudential if their rates and services are the best for your personal situation.
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Fees for prudential 401k reduces the income that you receive once you retire. Typically, the fees associated with a prudential 401K are hidden and you will only find out about these fees once you shop around.
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The basic salary deferral limit for 2012 is $17,000. The catch-up provision for those 50 and older is an additional $5500.
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The Teamworks site seems to be a collection of the resources Wells Fargo offers its employees. From applying for a job to checking out a retirement plan, the employee can take care of business on this site.
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If you are looking for a 401k plan administration, then you can contact 401k GPS, the leading investment advisory firm which gives the best service in USA. To know more about 401k plan and 401k contribution limits, or 401k catch up contribution, you can visit the link in the related links section.
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