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ABF | ABF 401K Converting to Teamsters-National 401K Savings Plan

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Received notice in the mail today. Cover letter opens:
As you know, the ABF Freight Systems, Inc. 401(k) Savings Plan is merging into the Teamsters-National 401(k) Savings Plan as Prudential Retirement (Prudential)....
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I must have missed something somewhere because this is news to me and change like this is not one that I am looking for. Does anyone know where this one was tucked away? Am I the only one who missed it? Do any of you former YRC guys have any experience in this plan?
 
mad trucker said:
I have not received anything in the mail on this. where did you get this info from????????:17113:
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Mine showed up on 11/5/2013 mailed from Scranton, PA on 11/2 so give it a couple more days.
 
During a change like this could we be able to move the whole thing into our own account at Vanguard or Fidelity? Probably need to ask an accountant about this one.
 
ABFer said:
During a change like this could we be able to move the whole thing into our own account at Vanguard or Fidelity? Probably need to ask an accountant about this one.
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It's your money, you can roll into another retirement account anytime you want, but I don't think you will be able to direct future contributions to an account elsewhere. I'm in the Prudential plan, being in the Central Pa. retirement plan I got a lump sum at retirement and was able to roll it into the 401K tax free. I'm too old for risk so it went into the fixed income plan at just under 5%, that was 3 years ago, the rate of return has been decreasing to 3+%, which is fine with me.
 
SuperCourse said:
It's your money, you can roll into another retirement account anytime you want, but I don't think you will be able to direct future contributions to an account elsewhere. I'm in the Prudential plan, being in the Central Pa. retirement plan I got a lump sum at retirement and was able to roll it into the 401K tax free. I'm too old for risk so it went into the fixed income plan at just under 5%, that was 3 years ago, the rate of return has been decreasing to 3+%, which is fine with me.
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Can you take your lump sum out if your still working & reinvest it?
 
ABFer said:
Received notice in the mail today. Cover letter opens:

I must have missed something somewhere because this is news to me and change like this is not one that I am looking for. Does anyone know where this one was tucked away? Am I the only one who missed it? Do any of you former YRC guys have any experience in this plan?
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I don't recall seeing it anywhere myself. I had the Teamsters 401 when i worked at the Big R. I don't think it was that bad. I rolled it over to ABF when i changed jobs. However.....since the Teamsters sold us this wonderful contract on the premise that our company had no money and was close to selling pencils on the street corner to make enuff revenue to keep judy in hand me down clothes bought from the salvation army.....i might take my small fortune and roll it into a private investment firm....
 
3% secure trumps a risk in the wild market these days when retired or close to it. I have cut myself back to only making contributions to my Roth IRA and if I can I'll roll my ABF plan over to another outfit. Have to make a phone call and get that going if it's possible.
 
ABFer said:
3% secure trumps a risk in the wild market these days when retired or close to it. I have cut myself back to only making contributions to my Roth IRA and if I can I'll roll my ABF plan over to another outfit. Have to make a phone call and get that going if it's possible.
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ABFer, back 3 1/2 years ago when I was getting ready to retire I could have given you the answers on a lot of this stuff because I did a lot of reading up on it, unfortunately my brain doesn't retain stuff like that, especially when it's as confusing as all this retirement account stuff is. I think you can roll it over to say Vanguard into an IRA, if it's a traditional IRA you pay the tax when you withdraw, if it's a Roth you would have to pay the tax up front but no tax when you withdraw later. I'm in the Prudential Teamster Stable Value fund which is paying 3.53% with principal and interest guaranteed.
 
GO40 said:
Can you take your lump sum out if your still working & reinvest it?
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Yes you can roll it over into another retirement account like an IRA, get help and do it right or you could get hit with penalties and taxes. Vanguard or Fidelity would be glad to guide you through the process. Don't just withdraw the money, roll it over.
 
SuperCourse said:
ABFer, back 3 1/2 years ago when I was getting ready to retire I could have given you the answers on a lot of this stuff because I did a lot of reading up on it, unfortunately my brain doesn't retain stuff like that, especially when it's as confusing as all this retirement account stuff is. I think you can roll it over to say Vanguard into an IRA, if it's a traditional IRA you pay the tax when you withdraw, if it's a Roth you would have to pay the tax up front but no tax when you withdraw later. I'm in the Prudential Teamster Stable Value fund which is paying 3.53% with principal and interest guaranteed.
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I'm with you on all that, including the part about it it's not used it's forgotten. I do suspect that I cannot touch that ABF 401K until I leave ABF at which time I can roll it over to another 401 account penalty free. But I am aging and they are moving it and that could open a window for me. I will call Fidelity (where it used to be kept) and ask them. Since they would love to have it back I'm sure they'll help me move it if it's possible.
 
ABFer said:
I'm with you on all that, including the part about it it's not used it's forgotten. I do suspect that I cannot touch that ABF 401K until I leave ABF at which time I can roll it over to another 401 account penalty free. But I am aging and they are moving it and that could open a window for me. I will call Fidelity (where it used to be kept) and ask them. Since they would love to have it back I'm sure they'll help me move it if it's possible.
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That's the way to go, they'll practically take care of everything for you. If you don't do it right the taxes and penalties will kill you. I went through it with Prudential when I rolled over my Central Pa lump sum into the 401K and they set me up with a personal account person to assist me, I could call him direct. Are you in Central Pa pension?
 
ABFer said:
3% secure trumps a risk in the wild market these days when retired or close to it. I have cut myself back to only making contributions to my Roth IRA and if I can I'll roll my ABF plan over to another outfit. Have to make a phone call and get that going if it's possible.
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I don’t believe you can roll a 401k into another account while you are still working. I believe (but not positive) you would have to not be employed at that company. But, if you can I would put your money into an IRA, either a traditional or Roth.
 
The determination is...that since I am under 59 1/2 years of age and still working and the employer has not terminated the plan...that I cannot roll it over into a rollover IRA. So...I have to look at it and see where they will direct my funds and see if I like it or want to alter it. If the market stays high a little longer I may just sell all mutual funds and leave it in a cash reserves fund of whatever name they call it until things take a good dip.
 
ABFer said:
The determination is...that since I am under 59 1/2 years of age and still working and the employer has not terminated the plan...that I cannot roll it over into a rollover IRA. So...I have to look at it and see where they will direct my funds and see if I like it or want to alter it. If the market stays high a little longer I may just sell all mutual funds and leave it in a cash reserves fund of whatever name they call it until things take a good dip.
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You can't time the market man... Especially on Mutual funds
 
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