401k contribution be deducted from Vacation/Sick Pay catch-up after termination from company?

After 29.5 years I have been laid off. I was hoping from the consideration package and my 10 week vacation pay that my ex-employer can still deduct for my 401k. I would like to get as much into my retirement tax free while I still can.

Also what is the time period I have to turn this company 401k package into a IRA account?




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I have been contributing to my 401k at 6% which is ...

Only if I had to. That match is free money you are throwing away if you don't contribute. http://hubpages.com/hub/first401K


Hi Vicki, Your son has every right to ask the administrator or the benefits manager for a copy of the plan summary document. That document governs how the employer and the administrator conduct themselves. If you need help interpreting the document give us a call. Dan


I would refer to the divorce decree as a good starting point. How long has it been since you give your 401K blance over to her? What expenses do you still share with your ex?

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You can roll your 401K over to an IRA and I would. You will always have to pay taxes you do not have to pay penalties after 59.5. http://hubpages.com/hub/Roll-your-401K-over-to-an-IRA