Statements for 401-K

[Guest elflauta]

Hello board,

We have a 401-K plan managed by Pentec and Southwest bank in Odessa. We only receive a statement once a year and are in the dark the rest of the time on our balance and loss/gains. This worries us because we are taking a monthly distribution and need to know the balance once in awhile to manage our future plans. Is it normal to get one statement per year? It seems odd to me. Thanks, Wes

[Bill Presson]

Hello board,

We have a 401-K plan managed by Pentec and Southwest bank in Odessa. We only receive a statement once a year and are in the dark the rest of the time on our balance and loss/gains. This worries us because we are taking a monthly distribution and need to know the balance once in awhile to manage our future plans. Is it normal to get one statement per year? It seems odd to me. Thanks, Wes

If it is a balance forward plan with a single valuation of the assets, then one statement a year is standard. If you are taking distributions and want more control, you should contact the plan administrator about your options for rolling the money to an IRA.

[Guest elflauta]

Hello board,

We have a 401-K plan managed by Pentec and Southwest bank in Odessa. We only receive a statement once a year and are in the dark the rest of the time on our balance and loss/gains. This worries us because we are taking a monthly distribution and need to know the balance once in awhile to manage our future plans. Is it normal to get one statement per year? It seems odd to me. Thanks, Wes

If it is a balance forward plan with a single valuation of the assets, then one statement a year is standard. If you are taking distributions and want more control, you should contact the plan administrator about your options for rolling the money to an IRA.

Thanks for the info Bill!