Any suggestions on what to do with the 401K? Leave? Move it somewhere else (not sure if this is an option at all)?
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Another viewpoint & voice here. I do not have 401(K) w Macy's but did via previous employers outside retail. Bear in mind the following: When employer notifies workers that company match is ending (suspension or permanent end, it does not matter), then it's time to, if you remain w company, STOP putting yr pre-tax paycheck into 401(K) & just "take it home" which you, at least, can control. If you're exiting in the layoffs, look quickly but carefully at your options. If you are NOT yet fully vested, pls think very seriously abt rolling yr 401(K) into IRA (already suggested by someone on this thread) at the earliest opp, because then you reduce the volatility that can negatively impact yr 401(K). There's reason that Macy's has announced the the match will be paid in November (rather than sooner). Not only do they expect rocky times ahead, but if they feel it (potentially) might help company cash flow to postpone beyond November, they can legally do so. And you're waiting for the company match might be in vain (sorry). As tempting as it is to wait for said match in November, it's what, a few thousand dollars max? Think abt how you would feel if the 401(K) you built up went down to pennies on the dollar. That would be terrible. Also, ask yr family's CPA or financial planner for their take on this. I was lucky to vest fully w previous employer and learn how to navigate this maze of choices. Please, you do the same, and good luck :)
If you take it out the Merrill account is still active if a match is owed. I took mine out now waiting for the match owed to be paid in November. Hopefully
Then info is included in the faq that’s on the microsite. The link is the email you received.,
"If you leave it and the stock drops any further you might wake up to a zero balance. Be careful"
Who would be stupid enough to put more than 10% of your 401K portfolio in stock for the company you work for? I dumped my M stock long ago when it was in the $30s. That's the worst thing you can do no matter who you work for. If you are correctly invested for your goals then you should be fine staying put for the short term. Nothing makes me laugh more when I hear someone boast "Well sales are up and that is really good for my 401K"
FYI, the company is no longer matching contributions. Be very careful...….. with Merrill Lynch you can only make changes, move, closeout, etc. on Tuesdays. So watch the market closely. Things could start diving in a heart beat.
If you leave it and the stock drops any further you might wake up to a zero balance. Be careful
I read somewhere today that the '19 match will be paid in November even if you are leaving along with the match for this year being paid next March. I am staying but if I was out this week I would just leave it alone until after next March. You can move it anytime.
All of the best to those affected.
Keeping mine there at least until November so I can get the match.
Macy’s deferred the 2019 401k match. I think they should pay it on separation.
Company no longer match your contribution
Will we get the 401k match that Macy’s owed us?
leave it where it is until after the company match in november.
Just roll it over into a traditional ira with any brokerage company like fidelity