401K options after layoff

Laid off in August. Just received an email/articles from fidelity showing the options for one's 401k on the former employer's plan. I'm particular interested in the option of leaving the money in former employer plan.

From fidelity's article, it mentions (not specific to Oracle's plan), one of considerations of leaving the money in former employer's is withdrawal options may be limited, saying "For instance, you may not be able to take a partial withdrawal; you may have to take the entire balance.".

I'm wondering if anyone knows what's the withdrawal options are in oracle's plan after leaving the company. Can we withdraw partially from it?

And any advises (pros, cons) for taking this option of leaving it as is in fidelity?
Thanks for advise in advance.

#Benefits #Compensation

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You have several options for your 401k plans—you can leave them at Fidelity or roll them over to other brokerage firms. I received $3k and $1k rewards for rolling over. If you're interested, call the brokerage firms directly to learn about the rewards they offer

I left Oracle and went back later. During that time away, I did not rollover Oracle to the new company 401K. Both were at Fidelity. Oracle 401K out-performed at a lesser cost. After returning to Oracle, I rolled over the other to consolidate all with Oracle. You can keep Oracle 401K, just cannot contribute to it or borrow from it.

Thanks for the tip. Wasn't aware of Brokerage Link account and just tried to set one up (after termination) and it seems to work.

@ab I have a Brokerage Link too. One of the best perks Oracle offered in the 401k. So can we just keep it as is until we reach retirement? I meant to call Fidelity today, instead checked off Cobra and boxed up my laptop instead. :-)

in a similar position kept it in the employer's plan (Fidelity) as it freed me up to focus on other priorities - like finding work

I’m in the same boat, planning to leave 410k w brokeragelink option as-is. I called fidelity, there is a 30 day wait on partial withdrawals. Rule of 55 is available.

You should have done a Brokerage Link account, where you could have a trading account tied to the 401k. You could invest in funds and stocks in the same manner as a cash account, no margin or options. Not sure if you can open one now if laid off though.

I prefer leaving it as is, get the growth without disturbing it. You can roll it over later when required.

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401K options after layoff

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