If you’re interested in moving money out of your 401(k) account, either through a cash distribution (withdrawal) or a rollover to another retirement account, you’ll want to confirm you meet the requirements.
The necessary conditions defined under your plan rules are referenced in your Summary Plan Description document.
The most common allowable reasons for distributions include:
If you left the company sponsoring your 401(k) because you've been laid off, fired, retired, terminated, or left your employer for any other reason
If your company is terminating the 401(k) plan
By your beneficiary if you pass away
Additionally, you are also eligible for what’s known as an in-service distribution if you are still employed with the company that sponsors your plan and at least 59 ½ years of age. You can learn more about in-service distributions and the process here.
How to request a distribution or rollover from Guideline
If you are eligible for a distribution because you are no longer with your employer or your employer is terminating the 401(k) plan, you should see a banner at the top of your Guideline dashboard where you can initiate the process.
If you closed this banner, or it does not appear on your dashboard, navigate to the Account settings tab. If eligible, there will be a Distributions section where you can review your options and start a request.
Recently left your employer? If the distribution banner does not appear in your dashboard, reach out the company's 401(k) administrator. The employer must mark you as "terminated" before your options will display. Feel free to share this article if they're unsure how to complete this task.
Alternatives if you don’t qualify
If you do not meet the requirements under one of the distributable events listed above and would like to access your Guideline 401(k) funds, check to see if you qualify for a 401(k) loan or hardship withdrawal.