I took the stla package the company says I and in a temporary layoff. So I can't collect my 401k.
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You are getting incorrect info. Your employment status has no bearing on your ability to transfer money from your 401-k. I was made aware of this over 20 years ago. You can rollover whatever % you want to an IRA. If you cash out depending upon your age there may be a tax penalty.
Overpaid execs. Bring KY.
There is no severance pay with the stla. No more money from the company ever.
@2ybe+1cOvMuFy Not true....
I thought roll overs were allowed anytime?
It's not severance, it's surplus transitional leave of absence, but that's essentially correct. On STLA, you remain an employee on a leave of absence up to two years. Once that's up or you retire/terminate the leave earlier, you'll no longer be an employee.
True, because until you have exhausted ALL of your severance pay you are legally still an employee of the company, and therefore not entitle to cash out/transfer your 401k money. Once severance is used up, then you'll be free to do what ever you want (within reason)