Question: What is my old company required to send me regarding my 401(k)?
I was searching around on what to do with my 401k since I changed jobs and my new employer does not offer a 401k plan. I haven’t gotten any updates from my previous employer as to what is going on with my 401k. How often and what type of statements should my old company be sending me? What should I be asking them about getting a new retirement account setup.
You should continue to get the same periodic statements that you got before as long as the 401k custodian is kept updated of your address.
You can rollover your 401(k) into a Traditional IRA or Rollover IRA. If you don’t have an IRA, you should open one with a broker of your choice and then contact your employer to request a trustee-to-trustee transfer of the funds.
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