Posted by jimg.allentown on October 03, 2014 at 05:19:55 from (98.115.105.174):
In Reply to: Retirement question posted by wile E on October 01, 2014 at 17:16:07:
The money that is in a 401k is YOUR money that was for the most part contributed to the account by YOU. Anything in addition to your own contribution would have been an employer contribution that usually takes the form of a partial matching contribution. In most cases, when an employee leaves the company, the company prefers (and sometimes REQUIRES) the former employee to remove the money to another account. BTDT. The administrator does not want to administer an account for a non-employee. If the company goes out of business or bankrupt, any funds in a 401k are protected from creditors by federal law. Violation of this law could cause one or more people to be making little rocks out of big rocks somewhere in Kansas (Like Leavenworth). Tax-wise, if the money is transferred into another tax sheltered account like an IRA, no tax is due until it is withdrawn. Generally, a 401k withdrawal is only federally taxable because it is NOT tax sheltered from state and local taxes (at least in PA).
As a side note, if you wanted an answer from somebody that KNOWS, then why are you asking in a tractor forum? That will NOT be covered by your insurance!
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