Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 month ago

what'll happen if you quit your job right after you enrolled 401k?

3 Answers

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  • 1 month ago

    If no money had yet been withheld from your pay for the 401K, then they'd close it and that would be the end.

    If there was money in the 401K, and it wasn't enough to keep the 401K open, then they'd give you an eligible rollover distribution and you could either put it into an IRA, another 401K, a 456, a 403(b), etc., or you could keep it and pay tax and a 10% penalty.

  • Scott
    Lv 7
    1 month ago

    You'll either be unemployed or working elsewhere.

  • JJ
    Lv 7
    1 month ago

    Then you'll have a very small 401K that you can roll over to another 401K or similar plan. You could also cash out for a 10% penalty.

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