Re: Your Transition from Omega (fwd)

[robert <http://dummy.us.eu.org/robert>]

I highly recommend leaving your money in the existing 401k.

What's more, once you exhaust the money in your primary checking account,
you should start taking (distributing) money out of your retirement
accounts since those are more volatile (i.e., likely to lose money) than
any of your savings or checking accounts.  At some point, we should
probably evaluate each of those retirement accounts to figure out which
ones are the most volatile and likely to lose value.  But, since you have
so much savings already, we won't have to do that any time soon.

 > From: Noelle <noelle>
 > Date: Thu, 20 Jun 2024 15:10:48 -0700 (PDT)
 >
 >  > Date: Thu, 20 Jun 2024 20:24:52 +0000 (GMT)
 >  > From: "http://www.hermaginesolutions.com/~DoNotReplySalesForceAdmin";  <http://www.hermaginesolutions.com/~donotreplysalesforceadmin>
 >  > To: "http://dummy.us.eu.org/noelleg"; <http://dummy.us.eu.org/noelleg>
 >  > 
 >  > Hi Noelle,
 >  > 
 >  > As you leave Omega, you will need to make some decisions about your 
 >  > benefits, 401k, etc. The attached document(s) will provide you with the 
 >  > information you need in order to make those decisions and/or answer other 
 >  > questions you may have.  
 >  > 
 >  > Sincerely,
 >  > 
 >  > Omega Healthcare
 >  > 
 >  > Content-Type: application/pdf; name="Life Conversion Instructions.pdf"
 >  > Content-Transfer-Encoding: base64
 >  > Content-Disposition: attachment; filename="Life Conversion Instructions.pdf"
 >  > 
 >  > 401(k) Plan
 >  > Q1.
 >  > 
 >  > I am no longer employed by Omega, how do I request a distribution from the 
 >  > 401(
 >  > k) Plan?
 >  > 
 >  > A.
 >  > 
 >  > Call an American Funds Representative at 1-800-204-3731 and request a 
 >  > distribution or go online
 >  > to www.myretirement.americanfunds.com to request the distribution.
 >  > Please note: If you elect a direct rollover, you should coordinate with the 
 >  > IRA 
 >  > or your new qualified
 >  > plan administrator to find out what documentation they require for accepting 
 >  > 
 >  > rollovers.
 >  > Make sure to have the money re-invested within 60 days or it will be treated 
 >  > as 
 >  > a distribution and
 >  > you will be taxed on that amount.
 >  > 
 >  > If I leave Omega for any reason, can I leave my money in the 401(k) Plan?
 >  > 
 >  > A.
 >  > 
 >  > If your account balance is greater than or equal to $1,000
 >  > Yes, but you must begin taking distributions once you reach age 70 1/2. 
 >  > Former 
 >  > participants are
 >  > no longer able to contribute to their account, but the moneys will continue 
 >  > to 
 >  > share in gains or losses
 >  > based on fund performance, and participants could still continue to make 
 >  > investment fund changes.
 >  > Former participants will also continue to receive quarterly statements and 
 >  > may 
 >  > be charged an
 >  > administrative fee to continue their account with the administrator.
 >  > If your account balance is less than $1,000
 >  > No, you are required to take a distribution. Former participants can choose 
 >  > to 
 >  > receive the moneys
 >  > in a cash lump-sum amount (and be subject to taxes and penalties), or to 
 >  > rollover the moneys into
 >  > an IRA or another qualified retirement plan that accepts rollover 
 >  > contributions,
 >  > thereby maintaining
 >  > the tax-free status of these moneys.
 >  > 
 >  > Q4.
 >  > 
 >  > American Funds still shows me as an active employee, what should I do?
 >  > 
 >  > A.
 >  > 
 >  > You may receive a distribution of your vested account balances as soon as 
 >  > the 
 >  > administrative
 >  > systems at Omega have recorded your separation from service and have passed 
 >  > that information
 >  > to American Funds. If you have called American Funds and their records still 
 >  > show you as an active
 >  > employee, please contact your local HR office to confirm your termination. 
 >  > After this is completed,
 >  > you may call American Funds again to start the process.
 >  > 
 >  > 401(k)
 >  > 
 >  > American Funds
 >  > Plan #344827-01
 >  > www.myretirement.americanfunds.com
 >  > 1-800-204-3731