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- Title
CLOSED BUSINESSES AND 401(K) FUNDS: When a company ceases operations, employees must determine the options available for the funds in their 401(k) retirement plan.
- Authors
NOLAND, THOMAS G.; HARDIN, J. RUSSELL
- Abstract
The article discusses options available to employees' 401(k) retirement plan when their company ceases operation. Topics discussed include options to transfer funds such as to cash out 401(k) by paying taxes due and withdrawal penalty, or to transfer the funds to a traditional Individual Retirement Account (IRA) to allow money to continue to grow tax-deferred. Also mentioned are U.S. Internal Revenue Service (IRS) rulings on the unvested portions of the 401(k) plan.
- Subjects
PENSIONS; FINANCE; EMPLOYEES; EMPLOYEE transfers; EMPLOYEE rights
- Publication
Strategic Finance, 2019, Vol 101, Issue 5, p15
- ISSN
1524-833X
- Publication type
Article