If your company is terminating their plan with Guideline, you’ll have the opportunity to access your 401(k) funds through a cash distribution or rollover to another eligible retirement plan or IRA. However, there are IRS-required processes that must be completed before we can process any participant withdrawal requests.
As a result, any submitted requests for distribution that occur during the termination process may be delayed until the account review stage is complete. The account review ensures that we perform a final valuation, complete necessary annual testing, and file IRS-required forms and documentation for the plan. This process is designed to prevent negative tax consequences for you and the plan.
How will I know when I can access my funds?
Once the account review stage is complete, we’ll send you an email notification that shares when the 401(k) plan will be discontinued and your options for distributing funds from your account.
Once you submit your request (or if you’ve already done so), we’ll send you additional emails once we begin working on your distribution and again when your funds are on their way.
For any plan termination or account review specific questions, we suggest reaching out to your employer directly.