Circuit City owes me retirement money?
I worked at CC for almost 4 years. I heard today that they are closing all stores. How would I go about getting all of the retirement money that they took from my paychecks. I know that it is invested elsewhere but I can't even get onto their website now. Any one a former or current CC worker and can get me a number and some info. Thanks a bunch. yes my 401k
Public Comments
- What do you mean by "retirement money"? A 401(k) account? If so, it'll be protected.
- What you need to do is open up a "rollover" IRA. Find a place where you want to park your money, like a discount broker (I use Charles Schwab) or a bank. You will fill out a form and the new place will take the money from the trustee of your current 401K plan. This money will be placed in your rollover IRA without any adverse tax consequences. It is called a trustee to trustee transfer. ps. There are other outcomes if you fail to do this. One is the current trustee hangs on to the money. Another is they might distribute the monies to you. In that case you would have 60 days to put it in a rollover IRA or it would become a taxable distribution. I think you should take the bull by the horns and act quickly. Once you have opened your rollover IRA , you can do the same thing after your next job. And your next job. You would have a place to keep all your little 401k"s together in the same place and manage it with lower fees and less confusion.
- If it's a 401K account it is your money and they will be letting you know what your options are. As far as getting "all" your money back, that depends on how you invested it. If you're in the stock market, you've seen your portfolio value drop significantly, so you won't get all your money back.
- If it's your 401k you should have been receiving statements, at the least, or had a way to check your account online.If you do have statements then call the plan administrator.I can't see how you would have a 401k account and no statements.Maybe that was the righting on the wall as far as how the company was ran, hence bankruptcy. Hope that helps
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