401k Transfer

Discussion in 'UPS Retirement Topics' started by UPSMannn, Oct 27, 2018.

  1. UPSMannn

    UPSMannn New Member

    Is it possible to transfer or roll my current 401k plan into a Roth or something similar, that will not be penalized, or not have fees for early withdrawl? The fact you have to take a loan out from your 401k, and pay it BACK......Outrageous.
  2. burrheadd

    burrheadd KING Of GIFS

    It’s not savings account

    It’s a retirement fund

    Lemme guess another millennial
  3. BootsOnTarmac

    BootsOnTarmac Active Member

    You don't have to pay back a 401K loan. If you stop paying on the loan, the loan will default and the loaner will report the remaining balance to the IRS as taxable income.
  4. If you are still employed the loan payments come put of your paycheck. The only way you can not pay it back is to quit your job
  5. :censored2:ing unbelievable.
  6. Brownsocks

    Brownsocks Just a dog

    Wow! You better just put it in and leave it because thar sounds like a very bad idea.
  7. UPSMannn

    UPSMannn New Member

    You missed the point, you old :censored2:, and don't know the fine print with prudential retirement through UPS
  8. 1yLTu59m8mifO8wJJY.gif
  9. Jkloc420

    Jkloc420 Well-Known Member

    you can roll it over if you get another job that gots a 401k
  10. burrheadd

    burrheadd KING Of GIFS

    Ah,Contraire Pierre

    I do know the fine print

    What do ya need to know
  11. trickpony1

    trickpony1 Well-Known Member


    Hope this helps.
  12. Jkloc420

    Jkloc420 Well-Known Member

    it don't i like minez
  13. brownmonster

    brownmonster Man of Great Wisdom

    You can roll it into the Roth option within the 401k but would have to pay back taxes.
  14. DriveInDriveOut

    DriveInDriveOut Proud Deplorable

    I called earlier this year and they told me they didn't allow in service conversions.
  15. brownmonster

    brownmonster Man of Great Wisdom

    Apparently I heard wrong.
  16. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    It's a RETIREMENT account. How hard is that concept to grasp.
  17. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    Yeah I would love to do that. My first couple years we didn't have the Roth option.