I am gonna change the RTO topic a bit and ask, what is the procedure to quit if you have to take another job?
What happens to your 401K, Pension, etc, if the new company is not with fidelity? What is the procedure to return laptop, phone and badge etc? What can you do to ensure a smooth financial transition?
Post from TheLayoff.com
That is the old 401k policy. Now it is all or nothing for company contributions and a 3 year term. Leave before 3 years and you get none of the company contributions. Stay for 3 years and they vest 100%.
You boss won't have a clue.
We only lay people off.
You go to a bar and celebrate your freedom.
If employed less than 5 years then you receive a percent of company match. If over 5 years then you receive 100% of company match. You always receive 100% of your contribution.
Unless you leave the tax sheltered money with T or roll over to a traditional IRA; you pay federal and state taxes on the distribution. If under 59.5 (maybe 55) then you also pay a 10% penalty if not continued to be sheltered. If you are unemployed in 2024, then you would be in a lower tax bracket. Talk to a financial company (Fidelity or vanguard...) for tax advise. They will only mention the common options.
Please take the Stank with you on the way out. Dude's a fossil who thinks he's mixing in with the cool kids.
You leave badge, keys, phone, computer and any secure token that was issued. Slump out of your chair and slither while low crawling to the door. Then leave. The supervisor may have papers you sign also. If you don’t have 20 years yet don’t leave.
Seeing as today is my last day (not surplused, I resigned)….Boss sends a box for badge and Cou and laptop. You sign exit papers (RIM, Intellectual property). You get sent an HR external link sent to you, to sign up as a former employee so you have access to paystub etc. . Your financials sit with fidelity until you call and proactively get it moved or transferred. There’s also a ‘leaving the company’ link on HR that has a checklist. Good luck to you!
HR has a leaving the company section on HROneStop that outlines everything.
Returning your laptop, COU and other equipment is easy. Your manager will send you a box to ship your equipment in. Also, if you live near a center they can arrange for you to drop off the equipment. This is usually done on your last day of work and avoids you having to do this on your own time.
Congrats of you are willfully leaving.
I resigned last year and it was the best decision I've made.
Procedure:
"I quit. I am giving you 2 weeks notice".
Then let your Boss do their job.
Nothing "happens" to that 401K or pension money. It doesn't go "poof". You can leave it where it is. You can direct transfer roll into a new 401K at new employer (doesn't have to be Fidelity) ,or into a separate IRA that you choose. You'll be made aware of all of your options for that stuff with your Exit paperwork.