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401k question
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 409621" data-attributes="member: 12570"><p>What do you mean by "stop ups 401k"? Are you talking about stopping the withdrawals from your paycheck or are you talking about withdrawing all of your money and no longer participating in the plan? The first is easy--go to the 401k website (teamsterups.csplans.com) and change your contribution amount to zero. Keep in mind it may take up to 2 pay periods for the change to take affect. Withdrawing completely from the plan is not easy and you may end up losing more money that you would like as they have to take 20% off the top for Federal taxes and then you have to claim the withdrawal as income on your tax return. There are only a few accepted situations that will allow you to close your 401k and these are listed on their website.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 409621, member: 12570"] What do you mean by "stop ups 401k"? Are you talking about stopping the withdrawals from your paycheck or are you talking about withdrawing all of your money and no longer participating in the plan? The first is easy--go to the 401k website (teamsterups.csplans.com) and change your contribution amount to zero. Keep in mind it may take up to 2 pay periods for the change to take affect. Withdrawing completely from the plan is not easy and you may end up losing more money that you would like as they have to take 20% off the top for Federal taxes and then you have to claim the withdrawal as income on your tax return. There are only a few accepted situations that will allow you to close your 401k and these are listed on their website. [/QUOTE]
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