Need financial advice Options

[mitchntx]

I have Chris Lyons' number.
jb

Me too ... we've talked today

[KeithO]

I just went through my 4th buyout in 12 years. I haven't even changed bosses (hahaha) since 1995.

Though each buyout, our existing HR department and the new companies HR departments worked on these items on a group level. As a group we were automatically rolled from the old to the new and we filled out some token paperwork. I am surprised that your current situation does not provide for this.

I currently have two 401k accounts as a result of the most recent buyout. My current 401k payroll contributions go to the new company's 401k program and my old account is "frozen" meaning that I cannot make contributions, withdrawals, take loans, etc. until they do a "rollover" next month. They plan to roll my assets from my old companies' 401k program and have sent me an e-mail with their default "mapping" of the old investment choices to the new ones. The defaults work for me so I have to do nothing to do but wait.

External to all of this, you always have the option to directly roll 401k assets to a qualified IRA. Peddlers of IRA are glad to help you set this up since they benefit from the investment increase in their companies. I DO know that it needs to be set up so that you never touch the money to avoid getting whacked with taxes. An IRA "saleman" will be able to help you out with this.

Mitch, my first step would be HR. If that didn't work, I'd call my 401k investment company next. If that didn't work and I was still nervous, I would call a IRA peddler.

My 0$.02