401k and 403b Plans

Yes, money can be withdrawn from a 401(k) prior to divorce, but there may be penalties and tax implications involved, especially if the account holder is under the age of 59½. Generally, early withdrawals may incur a 10% penalty, in addition to ordinary income taxes on the amount withdrawn. It's advisable to consult a financial advisor or tax professional before proceeding to understand the consequences fully. Additionally, any withdrawal could affect the division of assets during the divorce process.

While on furlough, your 401(k) remains intact and continues to grow based on your investment choices, but you typically won't be able to make contributions during that time if you're not receiving a paycheck. Employers may also suspend matching contributions, depending on their policies. It’s important to review your plan’s specifics and consider how the furlough impacts your overall financial strategy.

Yes, mandatory withdrawals from a 401(k), known as required minimum distributions (RMDs), are considered taxable income in Virginia. When you withdraw funds from your 401(k), the amount is subject to federal and state income taxes. It's important to report these withdrawals when filing your state tax return. Always consult with a tax professional for personalized advice.

In 1992, the Metmor Financial retirement plan was handled by Metmor Financial, which was a subsidiary of the larger MetLife Financial Services. The management of retirement plans typically involved a combination of internal financial management teams and external consultants or service providers to ensure compliance and effective fund management. For specific details, it would be necessary to consult historical records or financial disclosures from that time.

To find a custodian for your 401(k) from a previous employer after termination, start by contacting your former employer's HR or benefits department to obtain information about your plan and its custodian. You can then research potential custodians that offer rollover services, ensuring they are reputable and provide the investment options you desire. Finally, complete any necessary paperwork to initiate the transfer of your funds to the new custodian.

Roth contributions were introduced in 401(k) plans with the passage of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) in 2001. However, the option for employees to make Roth contributions to their 401(k) plans became effective in 2006, when the IRS issued regulations allowing this feature.

Yes, 401(k) accounts are considered non-marketable securities. This means that the investments within a 401(k) are not easily bought or sold on public markets like stocks or bonds. Instead, these accounts typically hold a selection of mutual funds, target-date funds, or other investment options chosen by the plan sponsor, which cannot be traded freely. Thus, access to the funds is generally restricted until certain conditions, like retirement or reaching a specific age, are met.

If your coworker can access your 401(k) account to check your balance, the secure system property being violated is confidentiality. Confidentiality ensures that sensitive information is only accessible to authorized individuals. In this case, unauthorized access by your coworker compromises the privacy of your financial data.

Financial counselors who are authorized to make retirement plan decisions for you typically include certified financial planners (CFPs), registered investment advisors (RIAs), and fiduciary advisors. These professionals have the necessary qualifications and are bound by legal and ethical standards to act in your best interest. However, it's essential to ensure that any advisor you work with has the appropriate credentials and experience related to retirement planning. Always check their regulatory registrations and fiduciary status before entrusting them with your financial decisions.

The first Elevonic 401 gearless lift was installed in the Burj Khalifa in Dubai, United Arab Emirates. This lift system, developed by thyssenkrupp, is notable for its advanced technology and high speed, making it suitable for one of the tallest buildings in the world. The installation contributed to the building's efficiency and passenger experience.

You can typically withdraw money from your 401(k) without penalty starting at age 59½. If you withdraw funds before this age, you may face a 10% early withdrawal penalty in addition to regular income taxes. There are some exceptions, such as for certain hardships or if you become permanently disabled. Always consult a financial advisor for personalized advice based on your situation.

A redemption check is a payment issued to an investor or policyholder when they redeem or cash in an investment or insurance policy. It typically represents the value of the investment or policy, minus any applicable fees or penalties. This check can be issued for various financial products, including mutual funds, annuities, or life insurance policies, providing the holder with cash that reflects the current value of their assets.

The Crown Zellerbach Retirement Plan, which was part of the Crown Zellerbach Corporation's employee benefits, faced significant challenges in the early 2000s due to financial difficulties within the company. In 2000, Crown Zellerbach was acquired by the James River Corporation, and subsequently, the retirement plan was terminated in 2001. Many plan participants experienced reductions in their benefits as a result of the termination and restructuring of the company’s finances. The pension obligations were eventually transferred to the Pension Benefit Guaranty Corporation (PBGC), which assumed responsibility for paying benefits to retirees within certain limits.

Thickener 401, also known as xanthan gum, is a polysaccharide used as a food additive to improve the texture and viscosity of products. It is commonly found in salad dressings, sauces, and gluten-free baked goods, where it helps to stabilize and emulsify ingredients. Xanthan gum is produced through the fermentation of sugars by the bacterium Xanthomonas campestris and is prized for its ability to thicken at low concentrations. Additionally, it is often used in cosmetics and pharmaceuticals for its thickening properties.

The mandatory withdrawal from a 401(k) account is known as a Required Minimum Distribution (RMD). The amount of the RMD is calculated based on the individual's age and the total value of the account. The IRS provides tables to determine the RMD amount, which must be withdrawn annually starting at age 72 (or 70.5 for those born before July 1, 1949). Failure to take the RMD can result in significant tax penalties.

Well, honey, an FBO check means "For Benefit Of," so technically you can't endorse it since it's not made out to you. You can only deposit it into the account of the person or organization it's intended for. So, no, you can't endorse it, but you can sure as heck get it to the right destination.

I believe you may have a typo in your question. The correct term is a 401(k) plan, which is a tax-advantaged retirement savings account offered by employers in the United States. Employees can contribute a portion of their pre-tax income to the plan, which is then invested in a variety of options such as stocks, bonds, and mutual funds. The contributions grow tax-deferred until withdrawal during retirement, at which point they are taxed as ordinary income.

At age 59 1/2, you can start making withdrawals from your 401(k) without incurring an early withdrawal penalty. However, any withdrawals you make will be subject to income tax, as 401(k) contributions are made on a pre-tax basis. The amount you withdraw will be added to your taxable income for the year, and you will be responsible for paying taxes on that amount at your ordinary income tax rate. It's important to plan for these tax implications when considering when and how much to withdraw from your 401(k).

401k GPS typically refers to a retirement planning tool or service that helps individuals navigate their 401(k) investment options in order to achieve their financial goals. It may offer personalized advice, asset allocation strategies, and guidance on retirement savings.

Yes, you can start withdrawing from your 401(k) penalty-free at age 59 1/2. However, if you withdraw from your 401(k) at age 62, you may still have to pay income tax on the withdrawal amount, depending on your tax bracket.

As of 2019, the average 401(k) balance for those aged 55-64 was around $187,000. However, individual savings can vary widely based on factors such as income level, contribution rate, and investment performance. It's important for individuals to regularly assess their retirement savings to ensure they are on track to meet their financial goals.

Yes, withdrawals from a 401k are taxed as ordinary income. The tax treatment will depend on your total income in retirement and current tax laws.

It is recommended to start saving for a 401(k) retirement plan as early as possible, ideally in your 20s or early 30s. The power of compounding over time can significantly increase your retirement savings. Starting early also allows you to take advantage of employer matching contributions and maximize the growth potential of your investments.

For the year 2013, the maximum contribution limit for a 401(k) account for employees over the age of 50 was $23,000. This consisted of the standard contribution limit for that year ($17,500) plus an additional catch-up contribution limit of $5,500 for individuals aged 50 and over.