401 (k) retirement plans may be “frozen” by a company’s management, temporarily halting new contributions and withdrawals. During a …
401 (k) retirement plans may be “frozen” by a company’s management, temporarily halting new contributions and withdrawals. … You may have the option of rolling over the money in your frozen 401 (k) into an eligible IRA.
Should I Consider Freezing My 401(k)? – Clark Howard
Official Site: https://clark.com/personal-finance-credit/investing-retirement/ask-clark-401k-freeze/
Trent from Washington asks: “I was recently offered the chance to put a security freeze on my 401 (k) through my employer. This prevents any distributions, loans or withdrawals but allows me to continue all their transactions. To remove the freeze requires a notarized letter and takes up to seven days.
There are no legal requirements on how long a 401 (k) can remain frozen. Once the employer freezes the 401 (k) plan, the freeze can remain indefinitely until it decides what to do with the retirement plan. When the 401 (k) is frozen, the plan administrator continues managing the plan, but there is nothing much you can do before the employer lifts the freeze.
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