If you no longer work for the employer who sponsored your OctaveWealth 401(k) account, you may be able to keep your 401(k) funds with OctaveWealth in certain cases.
If you can and choose to keep your account, funds can be withdrawn or rolled over at any time you wish. However, no further 401(k) contributions can be made once you are no longer earning compensation from the sponsoring employer.
If your vested balance is $7,000 or more
If your vested balance is $7,000 or more, you may be able to keep your 401(k) funds with OctaveWealth for as long as you wish.
If your vested balance is between $1,000 and $7,000
If your vested balance is between $1,000 and $7,000, you will receive an automatic notice in your email once you are no longer employed by your company. You then have 30 days to tell us where you would like your account balance moved.
If you do not take action, your account balance will be forced out and automatically rolled over to an IRA established in your name.
If your vested balance is less than $1,000
If your vested balance is less than $1,000, you will receive an automatic notice in your email once you are no longer employed by your company. You then have 30 days to tell us where you would like your account balance moved.
If you do not take action, your account balance will be forced out and automatically mailed to you in a lump-sum check.
Do I have other options?
Here are several other options you may wish to consider:
Roll over to your new employer’s plan
Roll over to an IRA with another provider
Take a cash withdrawal
Keep your 401(k) with OctaveWealth if your balance is greater than $7,000
To request a withdrawal or rollover, complete the distribution-form.pdf and send it to [email protected].