What is the Eligibility for a 401k Retirement Fund?
The basic criteria for becoming eligible for a 401k Retirement Fund are simple. First, you must be employed by a business or company that currently offers the 401k Retirement Plan. Another requirement is that you cannot simply begin activity in the 401k program as soon as you join a company. There will be a time limit imposed during which you are not elligible. It is never longer than a year. Finally, you must be over the age of 21, even if you are employed full time and receive other benefits.
There are many more rules that govern 401k's; they are generally outlined by your employer or in company literature. For the actual details of what is required of you before you become eligible for a 401k plan, inquire with the administrator of your plan or a represented from your company's Human Resources department for a Summary Plan Description (SPD).
How can I find out more?
- You can start by visiting our online Learning Center to review the basics of how a 401k rollover works and what it can do for you.
- Use our Contact an Agent form to request a rollover for your 401k plan.
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