Quote:
Originally Posted by MTG#10
I found a Q&A attached to my pay stub from Fri and now I'm even more confused.
It says even though we have to wait a year to be able to participate/receive company match, they can set us up an individual Roth IRA and take deductions from our checks to send to the Roth account. After a year we can roll this money over to the new company's 401k plan or leave it in the Roth.
It then says if we want to roll over our current 401k into the new company's plan with Transamerica we can do that as well. I'm confused, if we cant participate in their 401k until we've been there a year how can we roll our current 401k to theirs? Sounds like a contradiction...or I'm just not grasping it completely.
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Sounds wonky as shit.
If it's me, I'd contact the provider of your previous 401K and see if they'll let you leave it in there for a year. I'd make contributions to your Roth or set up a Traditional IRA if you need the tax deduction.
The benefit to a Traditional IRA is if you are outyielding your 401K, you can roll your 401K out every year or two. Some of these brokerage houses have super low fees, and it may be possible.
I'm not sure I'd **** with any of their options until you can get a 401K going. Especially if you hate the new outfit and leave in 2 months.
JMO. Good luck my man.