Gotta Get Out of My 401k!

[Guest cstroble]

About 6 years ago, my friend's employer abolished its pension plan and established a 401k plan. She decided to participate in the new plan, however recently discovered that she is being charged numerous and significant fees that were not disclosed by her employer before she decided to participate in the 401k plan. In fact, to date the employer has failed to fully disclose or explain all employee-paid fees. She is 56 years old, strongly feels that her employer provided incomplete and misleading fee information when the plan was established, and would like to withdraw all her assets from the 401k plan and "roll them over" into an IRA. Two questions: 1) Can she do this without incurring an IRS tax penalty? 2) If so, how??

[Jon Chambers]

Two quick answers:

1) Yes.

2) Quit, and request a distribution