If you’re coming up on your last day on the Latham payroll, we want to make sure you know what to do regarding your 401(k) account.
I’m leaving Latham
Your Checklist
First, it is important to know that you don’t have to do anything with your 401(k) account balances. Even when you leave the firm, your account can stay invested with Latham. Contact the Global Retirement Benefits Department at myk@lw.com for more information.
If you do want to take action, here’s where to start:
Check with Schwab to confirm your account balance
Check with your Ayco personal coach (if you have one) to discuss your plans
Decide what you’d like to do with your 401(k) account
Distribution
Your 401(k) account balance determines if your account will be distributed in cash or rolled over. If you have both a pre-tax and a Roth after-tax account, your balances will be treated separately.
If your vested account balance is under $1,000 and you don’t make a distribution election, your account will be distributed.
If your vested account balance is greater than $1,000 but not more than $5,000, and you don’t make a distribution election, your account will be rolled over to a Charles Schwab Bank IRA.
If your total vested account balance is greater than $5,000 including rollovers, you have the right to have your entire account balance remain in your 401(k) account(s) until you elect to take a distribution.
Want to know more?
Contact the Global Retirement Benefits Department at myk@lw.com.
