If you were auto-enrolled in your employer's 401(k) and you missed the deadline for opting out, it may be possible for you to request a refund of your contribution or get your money back in some cases.
Who is eligible for a refund?
Your 401(k) must allow refunds of auto-enrollment contributions.
You must also request a refund within 90 days of your first automatic contribution.
Check the Summary Plan Description under My Documents to see if your 401(k) plan allows refunds.
Stop future contributions
Go to octavewealth.com/resetRequest or click Forgot password? on the login page to get a new enrollment email.
The email address associated with your account can either be your personal email or work email. It sometimes ends up in spam so make sure to check your spam folder.
Enter your email and click Request Link.
A new enrollment email will be sent to you immediately.
Click the link in the email.
Create your account and click Opt Out.
How to request a refund:
Complete the distribution-form.pdf and email to [email protected]
See the "Special Tax Notice" at the end of the form for more information about distribution types, rollovers, and taxes.
To withdraw your balance and get a check mailed to you:
Check "Send check to my mailing address..." under Payment Method on page 2.
To withdraw your balance and get an ACH transfer:
Check "Direct Deposit to..." under Payment Method on page 2.
Provide your bank account instructions in the "ACH Direct Deposit Authorization Agreement" section.
Once your form has been received, you'll receive a confirmation email.
Processing timeline
Processing typically takes about 2 weeks, though these timelines can vary and it can take another 7-10 business days for check delivery.
Please note, there may be delays in processing if required information is not included. In cases where your bank cannot accept your deposit, it may be returned.
Important notes
Make sure you stop future contributions.
Auto-enrollment refunds are not eligible for a rollover.
Please ensure you include all the information, including account number, that your bank account requires.
Please contact [email protected] if there's an issue with your distribution.