I resigned this week and requested that my 401(k) be rolled directly into an IRA. I am being told that the plan is valued only once per year, at year's end, and that my balance cannot be known until January. A check for my balance is not expected to be cut until next February. It is April.
I do not practice in Minnesota so please verify this information with an attorney from your own state. Most 401K have what is called "plan documents" which should explain everything relating to your 401K. As for whether the employer can only value it 1 time per year, I am not sure. I would think that a phone call to a company like Fidelity or Merrill Lynch though will get that question answered very easily.
Each employment situation has unique facts and circumstances. This means that information and advice cannot be taken literally and should be used as only informational. The information provided here is not legal advice and should not be interpreted as such.
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