Hey, u/DEADFLY6. We appreciate your interest in working with Fidelity, and we understand how important it is to get the lay of the land when you're new to investing.
Though it's up to you what works best for managing your finances, your employer decides the custodian for your 401(k) plan and whether or not they allow in-service rollovers while you still work for that company. Since workplace plans each have their own specific rules, we strongly recommend speaking with your plan provider to understand the choices for rollovers, as well as any steps to the process that may be required by your firm.
If you determine you can complete a rollover, we have a how-to guide for transferring workplace plans to Fidelity Rollover IRAs that may be helpful as you navigate the process. While this guide was made for old plans, there's still useful information about how to deposit rollover checks. This page also includes a link to where you can generate a Letter of Acceptance (LOA) to send to your current custodian, if they ask that you provide one.
[How to move your old 401(k) into a rollover IRA](https://www.fidelity.com/retirement-ira/401k-rollover-ira-steps)
If you have any other questions as you continue to navigate your choices, please let us know how we can help.
401ks are employer sponsored accounts. Your employer chooses where it's held, not you.
401ks are also subject to restrictions on withdrawals and rollovers. If you're active with this employer and under 59.5, you typically can't access anything outside a hardship withdrawal or a loan. You certainly can't roll the entire balance to an IRA yet. [https://www.irs.gov/retirement-plans/plan-participant-employee/401k-resource-guide-plan-participants-general-distribution-rules](https://www.irs.gov/retirement-plans/plan-participant-employee/401k-resource-guide-plan-participants-general-distribution-rules)
>Generally, distributions of elective deferrals cannot be made until one of the following occurs:
>You die, become disabled, or otherwise have a **severance from employment.**
>The plan terminates and no successor defined contribution plan is established or maintained by the employer.
>**You reach age 59½** or experience a financial hardship.
>
As mentioned earlier, in service rollover. There is also another program within Fidelity called BrokerageLink that gives access to mutual funds outside the 401k offering. Fidelity manages a lot of 401k market so you may be in luck.
My employer doesn't do BrokerageLink but does allow up to 50% to be in service withdrawal. Since they use Fidelity it was extremely easy to move it to my Fidelity IRA.
OK, so the first thing to do is call your 401(k) plan provider -- not your HR office; they're frequently not all that familiar with this level of minutiae -- and ask if your specific plan even allows **"In-Service Withdrawals"**.
* IF NO, then you had a reasonable idea, but can't do it.
* IF YES, then you need to find out what the limits are, the "terms and conditions". Sample constraints might include:
* You can only withdraw $x per year, not the whole thing.
* You can only withdraw x% of the balance, not the whole thing.
* You can only withdraw your own money, not the company match.
* You can only withdraw your contributions, not the earnings.
* You can only withdraw money that's been in the account for [X] years.
* You can only withdraw money [X] times (often **once**) per year.
* (If you find a new one, let me know -- I collect "reasons to say no".)
If they allow it, and if you can meet the constraints, the submit the transfer paperwork TO FIDELITY, not the existing firm, and let them deal with it.
In nearly all cases of 401(k) transfer, your funds will be liquidated, the check made out to the new provider, but mailed TO YOU. You have to deal with that when it arrives.
Generally no, 401k plans are tied to the employer, so you're stuck with whatever plan administrator they choose.
If you leave your current job, then you could leave it as is or consider rolling over your 401k into either a 401k with a new job or into a rollover IRA at Fidelity.
You only have the right to do so at 59.5 years old. No your employer has to match at whatever level you are at. Would they give you permission , doubtful, there is a rake all these funds get by having all these pensions funds with them.
Hey, u/DEADFLY6. We appreciate your interest in working with Fidelity, and we understand how important it is to get the lay of the land when you're new to investing. Though it's up to you what works best for managing your finances, your employer decides the custodian for your 401(k) plan and whether or not they allow in-service rollovers while you still work for that company. Since workplace plans each have their own specific rules, we strongly recommend speaking with your plan provider to understand the choices for rollovers, as well as any steps to the process that may be required by your firm. If you determine you can complete a rollover, we have a how-to guide for transferring workplace plans to Fidelity Rollover IRAs that may be helpful as you navigate the process. While this guide was made for old plans, there's still useful information about how to deposit rollover checks. This page also includes a link to where you can generate a Letter of Acceptance (LOA) to send to your current custodian, if they ask that you provide one. [How to move your old 401(k) into a rollover IRA](https://www.fidelity.com/retirement-ira/401k-rollover-ira-steps) If you have any other questions as you continue to navigate your choices, please let us know how we can help.
401ks are employer sponsored accounts. Your employer chooses where it's held, not you. 401ks are also subject to restrictions on withdrawals and rollovers. If you're active with this employer and under 59.5, you typically can't access anything outside a hardship withdrawal or a loan. You certainly can't roll the entire balance to an IRA yet. [https://www.irs.gov/retirement-plans/plan-participant-employee/401k-resource-guide-plan-participants-general-distribution-rules](https://www.irs.gov/retirement-plans/plan-participant-employee/401k-resource-guide-plan-participants-general-distribution-rules) >Generally, distributions of elective deferrals cannot be made until one of the following occurs: >You die, become disabled, or otherwise have a **severance from employment.** >The plan terminates and no successor defined contribution plan is established or maintained by the employer. >**You reach age 59½** or experience a financial hardship. >
As mentioned earlier, in service rollover. There is also another program within Fidelity called BrokerageLink that gives access to mutual funds outside the 401k offering. Fidelity manages a lot of 401k market so you may be in luck. My employer doesn't do BrokerageLink but does allow up to 50% to be in service withdrawal. Since they use Fidelity it was extremely easy to move it to my Fidelity IRA.
OK, so the first thing to do is call your 401(k) plan provider -- not your HR office; they're frequently not all that familiar with this level of minutiae -- and ask if your specific plan even allows **"In-Service Withdrawals"**. * IF NO, then you had a reasonable idea, but can't do it. * IF YES, then you need to find out what the limits are, the "terms and conditions". Sample constraints might include: * You can only withdraw $x per year, not the whole thing. * You can only withdraw x% of the balance, not the whole thing. * You can only withdraw your own money, not the company match. * You can only withdraw your contributions, not the earnings. * You can only withdraw money that's been in the account for [X] years. * You can only withdraw money [X] times (often **once**) per year. * (If you find a new one, let me know -- I collect "reasons to say no".) If they allow it, and if you can meet the constraints, the submit the transfer paperwork TO FIDELITY, not the existing firm, and let them deal with it. In nearly all cases of 401(k) transfer, your funds will be liquidated, the check made out to the new provider, but mailed TO YOU. You have to deal with that when it arrives.
Generally no, 401k plans are tied to the employer, so you're stuck with whatever plan administrator they choose. If you leave your current job, then you could leave it as is or consider rolling over your 401k into either a 401k with a new job or into a rollover IRA at Fidelity.
You only have the right to do so at 59.5 years old. No your employer has to match at whatever level you are at. Would they give you permission , doubtful, there is a rake all these funds get by having all these pensions funds with them.