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2 Comments

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    Chris Taylor
    April 1, 2010

    Thanks Ted,

    I have had more than a few clients ask about the possibility of a rollover before actually leaving their company. This will be big for a lot of people.

    Thanks again,

    Chris Taylor

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    Melissa
    January 26, 2011

    Ted,
    I am in a hardship situation financially- husband hasn’t worked in several years and would like to withdrawal some money from my 401k.

    I made a small withdrawal in September and attempted to make another one this month. I was denied because I could not produce a notice of eviction/foreclosure with a specified date and amount needed to prevent. I was only required to produce a mortgage statement that showed I was late in September.

    Both my employer and Vanguard have told me that it is an IRS requirement to have this documentation. During one of many calls to Vanguard they told me that my plan was making changes to some of our plan rules, and they would have to get back to me as to the possibility of a withdrawal. Then when they got back to me the answer was no.

    Seems to me like my plan rules have changed, not that this is now an IRS requirement. Could you provide some insight into this? Seems to me like my lack of information is being used to force me into submitting to an overly strict withdrawal rule.

    Thanks for any help you can provide,
    Melissa

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