I call CDK HR recently to start the process of rolling my 401k plan to another provider. I was told the plan provider doesnt allow you to roll to another provider unless you are age 59 1/2, retired or no longer employed by CDK. This is a problem.
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If you are still employed with CDK you can only move the funds out if you are 59 1/2.
Call the ADP # - it takes 5 minutes. If you know which brokerage firm you are transferring your money too, a rep at that firm might do the call with you. Any move McBurgler makes is for his own benefit. I wouldn’t leave cookie crumbs for that rat.
Unless you are 59 1/2 you have limited options. To prevent your funds from transferring to their mapped funds, you could move to the money market fund , research, and decide after the blackout.
I have not had time to properly research all options. Are there any steps a current employee can take to safeguard their existing 401k and prevent it from rolling into Empower? I understand to get the company match (assuming there is one) going forward that I will have to let it build in one of the funds Empower offers but I do not want my existing funds to roll in. Any suggestions?
They finally disclosed the new plans are all (except money market fund)
CITs- collective investment trusts managed by a trustee - only info is what is provided by them. No SEC oversight
I left the company over a year ago. As soon as the letter came in the mail about the move of the 401k plan I called, started, and completed moving my money out. Not interested in any plan that Macdonald, Flynn, Crutchfield, or any other member of the horrible leadership crew over there put in place. This group of leadership s---ed the life out of the company and it's employees.
If you were part of a RIF, you should have the ability to move your 401k to a private provider, regardless of age. Once CDK decided to change from ADP to the crooks at Empower, that move opened the door for a move.
Under 40 but no longer employed.... I’d still call ADP and see what they say. Good luck Empower looks like a disaster!
For the person who replied they were able to call ADP retirement services and get their 401k rolled over, are you 59 1/2 or over and still employed? I'm 50, still employed and do not want empower to touch my money!
Call ADP Retirement Services not CDK HR...the number is 1-888-822-9238. I did mine yesterday it took less than five minutes. The rep also said they have been getting tons of calls to move them before the transition to Empower. One note make sure you check with your new plan how they want the check made out as you’ll need to provide that information to ADP.
I do see in the 401k portal that we can rollover a part of the 401k at least, mine was like 4000. Was under the withdraw while employed area not sure if I was misreading something though.