Move 401k to IRA

L1: Move 401k to IRAI left my employer, am 57 with a 401k with that employer. Can I rollover the 401k to my IRA and then set up a SEPP under 72t?2004-06-27 16:50, By: Maggie, IP: [209.247.222.111]
L2: Move 401k to IRAHello Maggie:
Yes, you may; however, you may not need to. If you leave the money in the 401(k) plan you can make direct withdrawals from there and not worry about SEPP plan rules.
TheBadger
wjstecker@wispertel.net
2004-06-27 17:08, By: TheBadger, IP: [66.250.23.21]

L2: Move 401k to IRAmaggie, i’m sure badger meant to be clear, that you can skip SEPP rules if these events are all current. if youare leaving your employer NOW, not having left 2-3 yrs ago then no restrictions apply to your withdrawals from the 401k.
if, however,you left their employ a while back before you turned 55 , have been chilling in the good life, and still have assets there and now looking for decision on what to do, you do have to roll it to IRA and then set up 72t.
the key is how old you were when you left their employment.
55+ norestrictions
<55 72t 2004-06-28 18:09, By: ralphccbi, IP: [12.107.192.130] L2: Move 401k to IRAAll withdrawals from qualifed plans are exempt from the 10 percent penalty tax provided you sever employment during or after the year you turn age 55. In these cases rolling over to an IRA to commence a SEPP plan in order to be relieved of the 10 percent tax is unnecesssary. Moreover,withdrawals from a QPPmight be superior to a SEPP because from age 55-70-1/2 one may effectuate withdrawals at any age and in any amount and at time and still be exempt from the 10 percent tax.2004-06-28 19:41, By: Redwoods, IP: [67.80.22.51]