golfnut

As an update Mr. Preston, The 999 days apparently was an error by the plan administrator, it has been changed to 60 days. Mr. Hatlee upon my request I was given an SPD, it was the first I have seen this document, my co-workers have never seen it either. With that said the SPD and what is on the Internet are the same. It seems my employer assumed since it was on the web sight no further action was needed. He will be having a company wide meeting concerning this soon. Mr. Zeller you hit the nail on the head. However within the plan I can take a "In Service Withdrawal" after 59-1/2 of any amount I choose, there is a fee for this. This can be the entire amount and roll it into a tax exempt IRA. Or I can I can leave the money in the plan and take another in service withdrawal as need until 65. At 65 the plan allows for the administrator to start monthly payments to me, as well as handle federal taxes and RMD's when it is time. And yes, there is also a fee from the administrator. Mr. Britton. Maybe I should not have used the word retire. I have been working at this company since I was in high school. I simply plan on trying something different and see what the rest of the world is like. I have plenty of money without accessing my SS. Thanks for the comment everyone!!!

I am looking to retire soon, I am 63. However I ran into the following problem, the waiting period for final distribution of my 401K. per the web site reads. Your plan sponsor requires a waiting period of 999 days, after leaving employment, before you can request a transaction. This time may be used to provide important information to (deleted name of plan administrator that we have been with for 24 years) and to deposit the final contributions into your account. Your personal options may change based on information provided by your plan sponsor. This seems excessive to me, that is 2-3/4 years! I cannot prove this but I do not believe it was published in the past. I believe that it said something to the effect, that my plan sponser has certain requirement that must be met. Going through all of my hard copy paperwork for my 401K there is nothing concerning a waiting period for final distribution. My plan sponsor (employer) tells me that he does not know about this and he will set up a meeting with the companies accountants for an explanation sometime in June or July Who determines the 999 days. I really need to get this changed. Anything will be helpful.