Chk will cash out your 401k pay out the company stock. YOU WILL GET THE FUNDS AND A HUGE TAX BILL FOR THE PERCEIVED CASHING OUT,OF YOUR 401K EVEN IF YOU ROLL IT OVER INTO A, IRA. This is just a tax maneuver to give Co a tax advantage. However it's not really cashed out but you will have to pay the irs. You will end up paying taxes on it again when you actually cash it out. Please believe me your going to get screwed again at tax time.
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Cultural challenges currently unaddressed by the company ?? Are you kidding me? The company does noT HAVE TO PROFIDE A 401k or a match. The do it as a benefit. And it's the richest one in the industry. FACT. It is the EMPLOYEES RESPOSIBILITY to manage and understand the workings of THEIR 401k retirement account. If they don't they need to read up or hire someone. The company makes it legal and compliant from there - they have no responsibility. The company is not there to babysit employees or provide them pacifiers. Ridiculous.
I kinda want to slap you.
IF and only IF they cash your 401K, all you do is drop it into your IRA account elsewhere withing 60 days. That prevents any taxation on it.
They can't make anyone take an early cash withdraw and incurr state and fed taxes plus penalty.
I don't think it's BS per say, they most likely automatically cash your 401k out at the end of 60 days past your severance or last employment which does trigger a taxable event for the individual unless all money is rolled into an IRA within 60 days of being cashed out. CHK does benefit from the fact they did not vest the 401ks of terminated employees and took all charges as termination expenses vs expense against G&A as the 401k vests. You get these type of posts because employees are not explained these things clearly enough, basically re-iterating the cultural challenges unaddressed by the company
Pure BS
you are so full of it !!!!!!!!!!!!!!!!
Tax Man is correct. OP, get the facts before you get people upset unnecessarily!
Not true. Legally you have 60 days to move funds.