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Glossary of Retirement Terms

Commonly Asked Questions We Get at the 401khelpcenter.com

Here are some of the most commonly asked questions of our pension experts.

After working for four years in the USA as a temporary worker, I'm planning to return home. I'd like to know what are the implications to my 401k, IRA accounts.

Can you use 401k assets to purchase a home without an early withdrawal penalty?

Can I withdraw funds penalty free from my 401k plan to purchase my first home?

Can I rollover my U.S. 401k into a U.K. pension scheme when I return home to the U.K.?

Can I start a second 401k account at my new employer and still keep the 401k account at my former employer?

Do you pay income tax twice when you take out a 401k plan loan?

Does my employer have to provide a matching contribution?

How soon does my employer have to deposit my contributions deducted from my pay into my 401k account?

How frequent is my employer suppose to provide 401k plan participants with account statements?

How can the value of my account be up when the investments have lost value?

How can I gain online access to my 401k account?

How can I rollover the 401k from my previous employer into my new employers plan without paying any penalties?

How long can my former employer hold my account balance once I quit working for them?

How Many 401k's Can I Have?

How do I locate an old 401k that I think I contributed to at a former employer?

I can't get my employer to pay me my retirement money. Whom do I contact?

If I borrow money from my 401k to purchase a home, is the interest I pay back to my 401k deductible as mortgage interest on my 1040?

Is a QDRO something I can do myself?

I still have a 401k account with my former employer. I would like to transfer this account into my IRA. Can this be done? If so, are there any penalties?

If I contribute to my 401k plan, can I still contribute to an IRA?

I am 52 and taking an early retirement package with my company. If I begin to take distribution now under the Substantially Equal Payment rules, will I still be exempt from the 10% penalty when I turn 55?

I want to retire before age 59½. How do I avoid the 10% early distribution penalty on retirement payments from my 401k?

I have a 401k account at my former employer. If I needed to get access to the cash, what are my options?

My spouse recently changed jobs and cannot contribute to his new company's 401k for a full year. Can we contribute to an IRA until he qualifies for the new 401k?

My understanding is that if I am over age 55 and default on a loan through my 401k when leaving the company, the 10% penalty is forgiven. Can you confirm that for me?

My spouse currently has a 401k plan and wishes to quit working and open his own small business. Can he use the 401k money to open this business?

Our company is getting a new 401k plan. We would like to take what we have in our old 401k and roll them into an IRA so we can invest it ourselves. Can we?

The company I work for was acquired by a larger company. My 401k has been frozen. What does this mean and what can I do about it?

What is the maximum amount of money you can contribute to your 401k annually? Does the amount increase each year?

What do I do with my plan from my former employer if they will not allow it to remain with them? The amount is under $5,000.00.

What is the difference between a 401(a) plan and a 401k plan?

What information and reports is my employer required to give me on my 401k?

What happens if I inherit someone else's 401k account?

What happens if I contribute more than the annual allowable limit to my 401k?

What is the contribution limit for employee's in Puerto Rico?

What is a 401k plan?

What makes a good 401k plan?

What distributions from a 401k are not subject to the 10% early withdrawal penalty?

What are the rules regarding hardship withdrawals from a 401k?

What are the general rules regarding loans from a 401k?

What is a QDRO?

What is a Third Party Administrator?

What or who is a 401k plan sponsor?

Why do I need consent of my spouse when I want another party as beneficiary of my 401k or take a distribution?

Will a 401k loan appear on my credit report?

 


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