ANSWERS: 2
  • No not uless you close the account. It is your account and they only make deposits to it.
  • It is likely that the plan administrator will know of any major changes in your account. Depending upon the way the plan is set up, the administrator may be someone at your company. For example, I ws the plan administrator for a plan that I set up at a company I worked for years ago. Have you checked into taking a loan against the 401K balance rather than withdrawing? That way, you will not be hit with the taxes and penalty, and the interest you pay on the loan will go back into your account. Most plans allow you to borrow up to 50% of the vested balance.

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