IRA Rollover

Posts Tagged ‘rollover ira to 401k’

Question: 401k Rollover to Ira?

I have changed from salaried to hourly at my company. I am being told I can not rollover my 401k into a IRA because I am still currrently employeed as an hourly. Also, I can’t make any contributions because I’m no longer salaried. Does this sound right? Should I be able to rollover the 401k?

Answer: That’s really odd that they will no longer allow you to contribute now that you are paid hourly. I was paid hourly and was able to participate in the company’s 401k program. You may want to read your employee handbook or ask human resources about the rules regarding hourly employees and 401k contributions. There may have been a misunderstanding somewhere along the lines. You are correct that your 401k funds are not allowed to rollover into an IRA unless you leave the company. If it is true that you are not allowed to contribute any more funds into your 401k, maybe you might want to open your own IRA account. This way you can continue to put aside money for your retirement on your own.

IRA & 401K Rollovers (SAVE THOUSANDS!)