401k & promotion to guest.

Planosss

User friendly.
Joined
Apr 30, 2017
Messages
2,605
What happens to 401k after leaving Target? Can it be transferred to new job? What about any loans, taken from 401k , do they become due at end of employment with Target?
 
Joined
Nov 3, 2014
Messages
185
You get 60 days after leaving to do a rollover, otherwise they send you a check with a big tax hit. You could roll it over into another jobs 401k (most allow it), or roll it over into an IRA (non-roth) temporarily.
 
Joined
Jan 24, 2019
Messages
525
You get 60 days after leaving to do a rollover, otherwise they send you a check with a big tax hit. You could roll it over into another jobs 401k (most allow it), or roll it over into an IRA (non-roth) temporarily.
Only 60 days? I thought it would be 90 before they cut you a check
 

Tessa120

I escaped the asylum!
Joined
Mar 17, 2017
Messages
2,996
I got my check about 6-8 weeks after quitting. I received a LOT of pay and benefits mail right around the 30 day mark giving me my options for my 401(k).
 

Yetive

Servant of 2 Masters
Joined
Feb 3, 2016
Messages
5,195
Under $1000 you get a check by the last day of the quarter following the quarter you terminate.
$1000-$5000 you can choose a check or rollover. If you do not make a choice, the money will be put in an IRA for you at Key Bank. Again, by the last day of the quarter following the quarter you terminate.
Over $5000 you can leave where it is for as long as you like.
Your loan becomes due immediately. If there is outstanding balance on the last day of the quarter following the quarter you terminate, it will be taxed.
 
Joined
Jun 12, 2011
Messages
960
most banks have financial advisor that will speak to you at no charge about your options as long as you have an account with them. your pension can stay at target ( if you have one). until you decide to cash it out
 
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