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Money and Finances
Reply to "401k terminated mid-year -- can I put money in an IRA?"
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[quote=Anonymous]I dealt with a 401k plan termination at work too. Of course, consult a professional and your plan administrators/Trustee to get the best advice, as they will owe you a fiduciary duty on your rights as a plan participant. But fwiw, in my case, my accountant and our company's tax and benefits counsel (plus my own research) confirmed that the tax deferral is driven off the operation of the plan. So if the 401k was terminated mid-year, then whatever was funded at that point counts and would could have been funded but was not is left on the table. If there is something specific about your plan termination, then maybe you can max out as part of plan termination. But your plan administrator/trustee will have to advise you on that. [/quote]
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