How long does it take to receive your lump sum of 401k when you are let go?
5 replies (most recent on top)
Sane thing happened to me with 401k. I questioned it and was told the 30 days is needed for processing time. From what I understand the pension processing tine is much longer. Not much we can do about it if we want our money!
When I left ADP on the 31st of "the" month, they did not start processing it until 30 days later. With the weekend, it was actually on the 4th (34 calendar days later) when they sent it. I paid for next day delivery and took it to my investment firm. Not bad, but why do they have to wait 30 days...???
The 401K came fast.. the enhanced pension on the other hand.. more than a month
Once it has been 1 month since your last day you can apply on line. I Took VERP and also had it by 2 weeks.
Took VERP had to wait a month before you could request 401k. Filled out the 401k termination form mailed back and took direct rollover. Had the check within 2 weeks