2011 goal: rollover old 401 (k)

One of our financial goals this year is to move an old 401 (k) into a better investment vehicle.

This 401 (k) is probably about 7 or 8 years old. My husband started the fund at a previous job, and his employer had promised to match my husband’s deposits 100% once my husband was fully vested. However, long story short, my husband became vested, left the company a short while later, and the employer never fulfilled his obligation.

My husband had some personal issues with his boss, and I think the company may have had money problems at one point. We may have tried to rollover the money, but I think the employer was not being fair about what needed to be done with the 401 (k).

In the meantime, we let the fund sit, and then the stock market bottomed out, and the fund lost a lot of its value. To be honest, it felt like a guargantuan task to move the money, and there was less to move.

So, we let the fund sit a little longer. Two years later, the fund has regained most of its value. I think it’s been a long enough time that we don’t need the former employer to sign off on the rollover of the fund.

Long story short, if you’re like us and need to move an old 401 (k), Get Rich Slowly has an excellent post on the options. I think our first step is moving the money into my husband’s current 401 (k). If that doesn’t work, then we’ll roll it into his IRA or start a new one for him.

Frugal Fridays at Life as Mom

Meet Barb

Barb Hoyer has written 4289 posts.

After working in the fundraising world for over ten years, Barb is an avid runner, writer, photographer, parent volunteer, and lover of dictionaries and thesauruses. Wife to an engineer and mom to 5 kids, Barb lives in the suburbs of Philly. Her idea of relaxation is an afternoon on the couch with a stack of books.

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