How long to recieve money after cashing out my 401K?
I have $8,500 in John Hancock 401K. I'm leaving my job to start school in August. How much and how long will it take to recieve this money? I know it's stupid, but I'm young enough to recoup. My job doesn't allow any type of withdrawals unless you end employment. Thanks in advance.
Asked By: jean-luc - 6/23/2008
Best Answer - Chosen by Asker
When you separate from your job, request a Distribution form from the Office Manager/Human Resources dept. Complete it and turn it in---once they process, it typically takes most providers about 10 days to get that money to you... More
Answered By: Teetana - 6/23/2008
Additional Answers (3)
there is a definite limit on how long they can keep your money... More
Answered By: don c - 6/23/2008
I also had a John Hancock 401k. It didn't take very long at all to get my check after they received the signed form. They will sell out of the fund it is invested in the very day they get it. It then will take a couple of days to get the check out, then snail mail time. I would give it 2 weeks before you start worrying... More
Answered By: Teresa H - 6/23/2008
It depends on the rules of the plan. If there is paperwork required it could take a couple of weeks. Otherwise, pre-approved withdrawals (no paperwork) should be processed at market close (4:00 EST) and sent out the next day. You're plan may even have express mail or EFT options available.
Answered By: zaofreak_83 - 6/24/2008
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