Archived 401k & promotion to guest.

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Planosss

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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?
 
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.
 
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
 
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).
 
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.
 
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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