Thread regarding Mattel Inc. layoffs

roll it over to an IRA! super easy, can continue to grow tax free on any gains. Only pay income tax on it when you retire. one of the best ways to save money. Also in an IRA you have 100% control. I invest in CDs, municipal bonds, cooperate bonds, stocks.... Was laid off awhile back and grew my money much better than the 401k performance. I am even up this year.

In 2022 the stock market was down 9%, fact!!! Mattel has had layoffs now for 4 consecutive years having nothing to do with the economy, but rather incentivizing those employees left with bonuses, fact!!! At the very least before you start blaming the current administration, get your facts straight.

The economy and stock markets were great last year and since 2021. Fact!! Mattel gave bonuses and merit increases. 7 weeks into a new chaotic administration in DC , Mattel faces new economic threats. You as employees are now the receiving end of this threats to the economy. If you are going to get whacked, they will find via zoom. Paperwork to eliminate an employee is extensive. There is a whole group of people assigned to the task of firing you!

They took away their contribution from me since I’ve been there less than 3 years which su-ks

You leave it till you have another 401k to roll it into. Current all of them are losing money.

I went with option #5 as there was not that much in my 401k when i left. Good luck to you and I hope you bounce back very quickly. Cheers!

I left in 2021 and did not have much in my 401k, this is what Perplexity AI is providing:

# What Happens to Your 401(k) After a Layoff from a Large Public Company?

If you're laid off from a Fortune 500 company, your 401(k) remains yours, but what happens next depends on your choices and your former employer's plan rules:

## Options After a Layoff

1. Leave It in the Plan
   
   • - If your balance is above a certain threshold (usually $5,000), you can keep your funds in your former employer's 401(k) plan.

• - You won’t be able to contribute anymore, and investment options may be limited.

2. Roll It Over to an IRA
   
   • - You can transfer your 401(k) funds into an Individual Retirement Account (IRA) to maintain tax-deferred growth and potentially gain more investment options.

3. Roll It Over to a New Employer's 401(k)
   
   • - If you get a new job with another company offering a 401(k), you may be able to transfer your old funds into the new plan.

4. Cash It Out
   
   • - You can withdraw your 401(k) funds, but this comes with:
   
   
   • - Taxes on the withdrawal amount
   
   
   • - A 10% penalty if you're under 59½, unless you qualify for an exception.

5. Mandatory Distribution (If Under $1,000)
   
   • - If your balance is below $1,000, some companies may automatically cash out your 401(k) and send you a check.

• - The amount will be subject to taxes and penalties unless you roll it over within 60 days.

## Additional Considerations

• Severance & Contributions
• If your company offers severance or continuation benefits, check whether they allow temporary 401(k) contributions while severance is paid.

• Vesting of Employer Contributions
• If your employer matched contributions, check whether those funds are fully vested before making any moves.

• Company Stock Holdings
• If your 401(k) includes company stock, be aware of potential tax implications when rolling it over or withdrawing.