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Some investors in 401(k) retirement funds who are moving to grab their money are finding they can't.
Even with recent gains in stocks such as Monday's, the months of market turmoil have delivered a blow to some 401(k) participants: freezing their investments in certain plans. In some cases, individual investors can't withdraw money from certain retirement-plan options. In other cases, employers are having trouble getting rid of risky investments in 401(k) plans.......
.......The withdrawal restrictions are limiting investment options for plan participants and employers at a key time in the markets. The timing is inconvenient for the number of workers like Mr. Dursky who are laid off and find their savings inaccessible.
Though 401(k) plans revolutionized the retirement-savings landscape by putting investment decisions in the hands of individuals, the restrictions show that plan participants aren't always in the driver's seat.
Originally posted by mrwupy
Shortly after I got laid off I was notified that my companies 401K plan was going into a 90 day no action phase. I cashed that puppy out just in time.
Yes, the penalty hurt, my mattress is lumpy from all the cash that's under it, but bygolly at least I still have it.
I am honestly starting to believe that the banks are now trying to strip everyone of every last dime they can get their hands on.
Interesting times we live in,