401k and 403b Plans

IF you are still the beneficiary on file for your ex-spouse then you are legally entitled to that money. If there was an updated beneficiary that lists other people as the beneficiary then you are not. On caveat is if you are listed as the beneficiary and the ex-spouse has a will in place that leaves the account to someone else, then you are not entitled.

You can contribute to both traditional and Roth IRAs in the same year. However, you total contribution to all IRA plans must not exceed the maximum contribution limit of $5,000 ($6,500 if over 50).

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.

You and your company can make whatever legal arrangement you like. There is no law that guarantees you severance or retirement pay. Speak with your company HR representative to see what arrangements you can make.

Absolutely. That's actually the most common type of rollover. The IRA would need to be a pretax IRA though. If you had thoughts of rolling it directly to a Roth IRA you would first have to roll it to a Traditional IRA then convert the Traditional to a Roth.

Then you need to notify your plan administrator immediately. You will then receive a Return of Excess from the plan.

No one in this forum will know the answer to this. You would need to contact Auchter's Benefits Dept.

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.

Not directly but you can roll it over to a Traditional IRA first then convert that IRA to a Roth.

Call 1-800-BENE and choose the correct option for retirement service center.

There are several options that offer tax-exemptions on the federal level but not always on the state or local level. One example of an option that allows interest to be tax-exempt are municipal bonds. Tax laws vary by state so the tax-exemption may be void for a resident purchasing a bond in another state.

Either "I have seen that picture," or "I saw that picture."

its not real okay

Yes, you can roll over funds from a money purchase plan or a profit-sharing plan to a SEP IRA, provided the funds are eligible for rollover. This process typically involves direct transfer of the funds to avoid tax penalties. It's important to check with the plan administrators and ensure that all IRS regulations are followed during the rollover process. Consulting a financial advisor may also be beneficial to ensure compliance and optimal tax treatment.

All you need to do is pay it off

It is the deferral limits for 401(k) and SIMPLE IRA Deferrals.

402g limit is revised every year by Internal Revenue Service

No

Benefits 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, distributions, refunds of contributions or other payments under certain retirement plans. Compare to 735 ILCS 5/12-704 which exempts from garnishment benefits and refunds payable by pension or retirement funds and any assets of employees held by such funds. Cf. MacKey v. Lanier Collections Agency, 486 U.S. 825 (1988).

No, They are considered as "Earnings."

No

Typically this is done by filling out a hardship application and sending it in with proof of your hardship need. You will need to contact your Plan Administrator to get the form.

You need to discuss that with your custodian. You may need to transfer your account to an different firm.

When taking an "Early" withdrawal from your retirement plan could possibly cause you to lose money. An "Early" withdrawal means that you're under the age of 59 1/2 years old and you aren't granted an exception. The loss occurs because you're not only subject to Federal and possible State tax based upon your tax brackett but you're also subject to a 10% penalty tax. (There may also be fees subject to the withdrawal - You will want to speak with your plan administrator in regards to this.)

17,000

I believe, in general, you can no longer make contributions, but you can roll over the money into an IRA or to your next employer's 401k. Unless there are some vesting provisions tied to your length of employment, the money you've contributed is yours.

If the employer is matching some of the contribution amount at least that much of an amount and if you can contribute that much and then more if possible and do not plan on taking any distributions until you are at least 59 1/2 years of age.