I got my displacement packet today. I read over everything but there is no mention about what happens to the old cash balance plan that some of participated in. Does anyone know what happens to that?
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Rolled mine into my IRA that I had. Took it as lump sum disbursement. It is weird - you have to report on your taxes but it has zero effect. Wish I could have done a long time ago. Had it made out to my new FA firm as suggested and mailed it to them.
It was pretty painless to do once I understood. Took my 401K over too. Got everything out from WF.
Lots of great answers… I would just add, if rolling into an IRA account choose an institution OTHER than Wells Fargo- for obvious reasons!!
Thanks everyone for the helpful information.
not sure what retirement age is...... I am 63 and was displaced today. Can I start my monthly disbursement for the rest of my life?
You can leave it alone, but I'm rolling over mine into my IRA, similar to what I did with the 401k.
For either (401k / cash balance) you have to wait until after the end of the notice period. The 401k you do over the phone, but for the cash balance, you can start a disbursement online which starts at something like 30 to 90 days from that date, at which point they mail you a check made out to whover you have your IRA with, like T. Rowe Price or whatever.
You can then mail the check to that company, but I'd suggest just installing the app and doing an app check deposit. All the big retirement brokerage companies have apps that support depositing checks including IRA rollover checks nowadays.
You can take a lump sum or an annuity option if you are of retirement age. Or leave it. Or roll into an IRA
good question..... thanks @1jtc ---I wasn't sure what to do about it.....
You can roll it over to an IRA, which you should do as it will give you better investment options. Call HR to see how/when you are eligible to do that. Good luck!