CAN I LEAVE MY MONEY IN THE 401(k) PLAN AFTER I LEAVE?

That depends on your account balance.

  • If your account balance is above $5,000 then your money can remain in the plan until you are ready to move it.
  • If your account balance is less than $5,000 your employer could force you out of the plan either as a cash-out or as a rollover.
    • If you are forced out, you will be sent a letter informing you of a pending Force-out from the plan and you will have at least 30days fromthe date of that letter to submit a distribution form. If you are forced out of the plan and your account balance is less than$200, you will receive a check made payable to you. If you are forced out of the plan and your account balance is between $200 -$5,000your money will be rolled over to an IRA in your name at Charles Schwab Trust Bank. If so, you will need to contact theSchwab Force OutIRA team at 1-800-724-7526 to take further action. Force-outs are typically done in the fourth quarter of the year,but may be done morefrequentlyasrequested by the employer.