ST Alpha - "Stacy - how is it possible that FedEx cashed out your 401k for you?" (Reading a Post)

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Stacy - how is it possible that FedEx cashed out your 401k for you?

Posted by kelly (aka kelly) Oct 21 '08, 04:11

You have to be the person to call wherever your money is being held, and tell them you want to cash out. When you do cash out, you are also hit hard with a early withdrawal penalty, which is usually something like 20-30%. How did you only lose $100?? Something doesn't add up here.

Responses:

Some companies have a rule that if you have $x,xxx or less in the account, you have to take the early withdrawal lump sum. - Callisto Oct 21, 04:50 4
- it's partof federal law. The amount varies depending on how current the document is. Balances below either $5,000 or $1,000 - decline Oct 21, 06:21 1
  - oh, and even if you are cashed out and the automatically deduct the 20% taxes, you can still roll it over - decline Oct 21, 06:25
- It's about to happen to me, unless the stock market rebounds in the next month... ;) -- nm - Cuzzin Todd Oct 21, 05:37 1
  - curious, what's the threshold for that? - znufrii, elitist Oct 21, 06:02

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Stacy - how is it possible that FedEx cashed out your 401k for you?

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