Business Plan Roll Out
Who actually owns my 401K plan?
If my company folds, is it possible that I would lose my 401K plan? I am asking because I am departing from an employer that is weak, and I am fairly certain the company will be out of business soon. They advise I can leave my 401K with them, but based on what I feel about the company’s future, I think that I should roll my 401K into a retirement account outside of them. If I choose to leave my money in thier 401K account, do I stand a chance of losing my money if the company goes bankrupt and has to shut down?
401K is your money, it is in a seperate account and protected by ERISA laws. Having said that, it is probably better to take the money out and open a Rollover IRA. If you are going to another company, you can roll it into their plan, which gives you more flexibility re: loans from the savings.
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