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Shawn P Adamo
Shawn P Adamo, Retired CPA
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Experience:  Retired CPA
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Im trying to rollover my 401K to IRA here is what the administrator

Resolved Question:

I'm trying to rollover my 401K to IRA here is what the administrator is telling me. I don't understand. Can you help.
The Plan has a 12/31 post-anniversary timing. Since you have left employment in 2012, you will be contacted by our office next year and receive a distribution package upon completion of the December 31, 2012 Plan administration work.

You are allowed to continue to pay on any outstanding loan. If you fail to repay the loan, it will default the end of the following quarter in which the last loan repayment was due and made.

Please let me know if you have any questions and we will be in touch next year.

Thank you!

Maria Shadrach
Tiger's Eye Benefits Consulting









































The Plan has a 12/31 post-anniversary timing. Since you have left employment in 2012, you will be contacted by our office next year and receive a distribution package upon completion of the December 31, 2012 Plan administration work.

You are allowed to continue to pay on any outstanding loan. If you fail to repay the loan, it will default the end of the following quarter in which the last loan repayment was due and made.

Please let me know if you have any questions and we will be in touch next year.

Thank you!

Maria Shadrach
Tiger's Eye Benefits Consulting
Submitted: 2 years ago.
Category: Finance
Expert:  Shawn P Adamo replied 2 years ago.

Shawn P Adamo :

Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. CPA,PFS,QFP,GMMA.


Very odd do you have an outstanding loan? Normally federal law only allows a few months for it to be repaid or it becomes taxable.


Have you contacted the company wher you want to roll it over? bet they can make that happen.


 

Customer:

No I haven't jet, just received this email and got upset.

Shawn P Adamo, Retired CPA
Category: Finance
Satisfied Customers: 1270
Experience: Retired CPA
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