My prior company contributed to an IRA to be used as our 401K. Now that I'm no longer with that company, what should I do with this account?
Hi Angie! While I'm not exactly sure of the employer's intent based on your description, it sounds like he may have contributed to a SEP IRA for employees. This is a type of employer retirement plan that, from a participant view, works like an IRA. You should be fully vested in all the funds in the account. If you don't have the option of leaving it with your employer, you can transfer the funds into a regular IRA account. You should definitely check with the company that is holding the funds in order to determine if this is correct and what your options are at this time. Good luck to you! | 08.11.15 @ 20:50
Hi Angie, check to see if it is a Traditional IRA or some other type of retirement account. If it is a Traditional IRA then there is no need to move it as it's already 100% in your control. This is unlikely as most employers will not contribute directly to a traditional IRA. Once you determine the account type it will be easy to help you figure out what to do with it so please post a followup so we can better help you.
Feel free to contact me directly if you need help investing the account. If I can't help you I can certainly point you in the right direction. Just click on my profile. Take care!
| 08.12.15 @ 19:25