401K question - embarrassed that i don't know answer

[Anonymous]

Hi, I'm a physician and have had 401Ks since residency that ended in 2005; including residency, i have worked in 3 different hospitals - I have no idea what came of my 401Ks at my prior 2 institutions - was I supposed to do something to roll them over? Or do they sit there forever? Do I need to do something now?

[Anonymous]

They will sit there forever unless you roll them over. Up to you whether you do so - depends on how much you like your current 401k.

[Anonymous]

They can sit there forever but you should have gotten statements for them. I find it easier just to roll them over because it's easier to manage. I have a Fidelity account that has several rollover accounts in it.

[Anonymous]

Call HR at each hospital, find out where your 401(k)s are. You can then figure out whether it makes sense to keep them in place or roll them into your current employer's plan or an IRA. You'll want to look at the investment options and at the fees. Some plans have better investment options / lower fees.

[Anonymous]

They are probably in a "safe harbor" type account with the investment company (like Principal or TIAA-CREF or whomever). Just contact the investment company and they can search by SSN. If you can't remember the company, call the HR department of the hospital and ask.

Once you have identified the account, roll them over, either into your current 401K (if you can), or into an IRA. It just makes it easier to track that way.

[Anonymous]

Don't assume they'll sit forever, if you don't get a good handle on them they can be a rabbit hole.

My DW let one of her's < $1,000 go unaddressed for close to a decade and we got a notice from the IRS that we (which we did not do) basically cashed and spent it and thus were getting taxed on it.

Neither of which happened, but you really should stay on top of them.

[Anonymous]

Anonymous wrote:They can sit there forever but you should have gotten statements for them. I find it easier just to roll them over because it's easier to manage. I have a Fidelity account that has several rollover accounts in it.

Not only is it easier to track, but probably you would pa y less in fees to consolidate.

[Anonymous]

How do you roll over?

[Anonymous]

Anonymous wrote:How do you roll over?

Contact the firm you want to roll the account to; they will help you. So for example, my former employer's 401k is with Principal, but my personal investments are with T. Rowe Price. I called T. Rowe Price and they initiated the roll-over from Principal, on my behalf.

It's really, really easy (like do over your lunch break and still have time to go get a sandwich easy). If you don't have an existing roll-over IRA, you might have to walk briskly to get your sandwich, but it's not an intensive process.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How do you roll over?

Contact the firm you want to roll the account to; they will help you. So for example, my former employer's 401k is with Principal, but my personal investments are with T. Rowe Price. I called T. Rowe Price and they initiated the roll-over from Principal, on my behalf.

It's really, really easy (like do over your lunch break and still have time to go get a sandwich easy). If you don't have an existing roll-over IRA, you might have to walk briskly to get your sandwich, but it's not an intensive process.

Thank you. At the risk of sounding moronic, what information do I need to have for the call? (What will I ask HR in my former hospital for?)

[Anonymous]

You should be getting regular statements in the mail telling you how much you have in each account. The money does stay there forever, or until they contact you and force you to roll it over. (Except for the person above who had it stolen. That's an odd scenario.) You can also withdraw the money outright but the tax penalty is quite large. A couple of years ago, I gathered all my statements and rolled over 4 different 401k accounts from long-ago jobs into an IRA. You can set up an IRA with your bank or credit union (they will be happy to help you set it up). Then you can contact each bank or investment firm that holds the 401k account and ask them to help you roll it over. It's a standard process.

[Anonymous]

Call the old company HR dept and roll your money over into your current 401k.

Some plans do allow you to just leave them with old employers but sounds llike it'd be better for you to keep closer track of your investments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How do you roll over?

Contact the firm you want to roll the account to; they will help you. So for example, my former employer's 401k is with Principal, but my personal investments are with T. Rowe Price. I called T. Rowe Price and they initiated the roll-over from Principal, on my behalf.

It's really, really easy (like do over your lunch break and still have time to go get a sandwich easy). If you don't have an existing roll-over IRA, you might have to walk briskly to get your sandwich, but it's not an intensive process.

Thank you. At the risk of sounding moronic, what information do I need to have for the call? (What will I ask HR in my former hospital for?)

HR does not hold your 401k account. They are not a bank. You should have statements from these accounts that will show you the name of the bank or firm that has the account. Those are the people you should contact about rolling over the money.

[Anonymous]

Don't you have statements for these accounts?

[Anonymous]

I'm not the OP. No statements for me...not even while I was in residency...(they don't teach these things in medschool...)...I just assumed it was something tied to my SSN...I never declared it in filing taxes either...(turbo tax never told me so--> this is how much of a financial genius I am!)