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Frequently Asked Question

I have a 401k at my current employer, but plan to change jobs. Can I start a second 401k account at my new employer and still keep the 401k account at my former employer?

Answer: There are no restrictions on how many 401k accounts you have. As long as the balance of your existing 401k is over $5,000, you can leave it at your current employer and start another 401k at your new employer. If the balance is less than $5,000, the plan sponsor has the option of requiring you to rollover the assets into an IRA or another 401k.

This is for educational purposes only. The information provided here is intended to help you understand the general issue and does not constitute any tax, investment or legal advice. Consult your financial, tax or legal advisor regarding your own unique situation and your company's benefits representative for rules specific to your plan.

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