401K Rollover..Employed or not???

[unnormaldude68]

I was told by my center manager that I was not going to get the driver job after peak ended. I was not offered any other work, just told thanks for trying. Now, searching for employment elsewhere, I will want to withdraw from the 401K I saved up during the year but was told upon calling Prudential that I was still in "active" status and cannot touch it. They did not take my ID or ask for my uniforms back so I am not sure where I am right now in terms of employment. I have not worked since Christmas Eve and was told by the manager that I did not get the job. I was hired from the outside, so I do not have another position to roll back into.

What is going on???

 

[barnyard]

It takes time for your status to go to inactive. You may want to gather up your browns and take them in to discuss with the center manager or driver supe to see if there may be an opportunity for summer driving work or if they want to just cut you loose.

Be prepared to be cut loose. I would suspect that if they wanted to keep you around, they would have offered you either a preload or local sort position. Be professional about it, the job is not for everyone and working at UPS, even though not offered a FT gig, still looks good on a resume.

 

[Brownslave688]

If you were a seasonal hire how in the world did you have 401k access?

 

[UpstateNYUPSer(Ret)]

If you were a seasonal hire how in the world did you have 401k access?

That was my first question. My second was how much could he have possibly put aside in just under year.

 

[oldngray]

The OP seems to think he can cash out his 401k but that would be almost impossible. About all he could do is roll it over into another retirement account after he is no longer employed by UPS. I also agree there would be very little money accumulated in the short period of time he worked.

 

[IVE GOTTA PACKAGE 4U]

The OP seems to think he can cash out his 401k but that would be almost impossible. About all he could do is roll it over into another retirement account after he is no longer employed by UPS. I also agree there would be very little money accumulated in the short period of time he worked.

If it is less than $5000 dollars. They will force you to take it our of the plan. On separation from employment.

 

[oldngray]

If it is less than $5000 dollars. They will force you to take it our of the plan. On separation from employment.

Take it out yes, but as a rollover and not cash.

 

[Brownslave688]

The OP seems to think he can cash out his 401k but that would be almost impossible. About all he could do is roll it over into another retirement account after he is no longer employed by UPS. I also agree there would be very little money accumulated in the short period of time he worked.

I didn't even know seasonals were eligible to contribute though.

 

[IVE GOTTA PACKAGE 4U]

Take it out yes, but as a rollover and not cash.

If he doesn't start an IRA. They might just send him a check

 

[unnormaldude68]

I'm trying to roll it over into an IRA, not cash out. I saved more than 1000 but less than 5000. They won't let me roll it over. I already opened an ira all ready to rollover the funds into. Prudential said nope, you're still active. Do I have to formally quit? What kind of game are they playing here?

 

[pickup]

I didn't even know seasonals were eligible to contribute though.

Not only are they eligible, but apparently the 401k is thrusted upon many casuals without their permission. Then when they are let go(most of them) , they end up in the same situation as this guy.

Once he is inactive, he can roll it over, or he can cash out with the usual early withdrawal penalty.

 

[Brownslave688]

Not only are they eligible, but apparently the 401k is thrusted upon many casuals without their permission. Then when they are let go(most of them) , they end up in the same situation as this guy.

Once he is inactive, he can roll it over, or he can cash out with the usual early withdrawal penalty.

I forgot they auto enroll everyone now.

I thought it was after like 6 months of employment though.

Ps I'm all for auto enrollment.