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Showing results for tags 'resignation'.
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I recently quit my job (10/2020) and have a 401k with a 3% non elective safe harbor. Usually, my employer would make the entire 3% contribution mid February the following year (a 1% match contribution was made on a monthly basis). My question is: If I were to make a cash withdrawal of all my vested funds prior to receiving the 3% SHNEC, what happens? Does my former employer open a new/ reopen my old 401k account to deposit the funds? Do I receive a check? Do I get nothing? I don’t think I’m going to have to do this, but I am curious. Below is some additional information. Thanks for the help! -I am not a HCE -I am only expecting about $2000 from the safe harbor -I am only 30 years old -I worked 1,500+ hours this year before resigning -
Hello everyone, I am so confused and could use some assistance. I had a 401K balance of $58K but have an outstanding loan of 10K so the balance that shows up is now 48K. I've been paying it back and all that. I took it out to pay high interest credit cards. Anyway I have just resigned. Now I know I will have it taxed as income and all that plus a 10% penalty. My question is regarding the balance of the 401K. It is 48K correct? They won't reduce it by another 10K to "repay" the loan will they? It seems like a silly question but I'm not good at this. Thank you.
