ST Alpha - "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." (Reading a Post)

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In response to "Stacy - how is it possible that FedEx cashed out your 401k for you?" by kelly

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.

Posted by Callisto (aka Callisto) Oct 21 '08, 04:50

That happened to me at my previous company.

Responses:

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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