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Once Principal Financial Group has been notified of your exiting employment with Reliant, you will generally have a 60-day window to select what you would like Principal to do with your 401(k) balance. The Principal Client Contact Center 1-800-547-7754 can advise you of your options. They are available Monday-Friday from 7 A.M. Eastern time to 9 P.M. Eastern time. You have three options: Roll it Over, Stay with Principal, Cash it out. If you do not make a selection in that 660-day window, Principal will do one of two things:
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- You will pay a tax penalty for early withdrawal if you are not at least age 59 1/2
- Retirement savings for the future are forfeited when you cash out the 401(k)
- If Principal cuts you a check to cash out because the account balance was below the $5,000 limit, you do NOT have to cash the check. If you want to roll the funds into another retirement account, you still have that option. Call the Principal Client Contact Center at 1-800-547-7754. You can destroy the check and they can process a rollover for you. But, act fast! You don't want the end of the year to hit and for your taxes to get complicated.
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The Principal Client Contact Center, 1-800-547-7754, can advise you of your options. They are available Monday-Friday from 7 A.M. Eastern time to 9 P.M. Eastern time. You can also review the "Distributions" tab of your online account at Principal.com. The Distributions tab will be available as soon as Reliant notifies Principal of your termination. |
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