Before and after the layoff date.
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Read the package. It can be transferred or a pay out.
Im confused about pension. In the packet, I think it states it will be combined into the 401k acct. Lots of numbers to ponder for sure!
Or, if you'd like you can leave it in 401k until you find a new job with 401k - at that point, if you'd like, you can roll over the money to your new 401k.
Also as @obg said below, you have an option to go the IRA route where you take money and roll it over into IRA of your choosing. IRA will give you more investment options and you can take money out of it at any time (you'd pay tax and penalty) - 401k locks you into a limited number of investment options and you cannot take money out of it prior to retirement (you can take a loan that's typically capped at 50k)
There is some rule about IRA and divorce or something like this, cannot remember right now but either IRA or 401k can be touched by the spouse in divorce if it exceeds certain amount. I may be wrong, and you'd want to research this divorce angle on your own if you'd like.
There is a nice chart here, so you may start your research
http://moneytipcentral.com/wp-content/uploads/2007/12/401kcomparison.jpg
If you have a loan you will have to pay it back. If you don't then it's fine. You can either transfer to an IRA or just leave it there. But that's your money, so is yours to keep