401k In Service Rollover Question

[Cortopassi]

I am 55 and attempting to rollover my 401k to my traditional IRA.

As best I read many financial websites and IRS pages, there is nothing in writing that I can find that prevents me from doing an in-service rollover from my 401k to my traditional IRA before 59.5 other than the plan manager may not allow it.

I am going back and forth with the CFO and the 401k rep who do not agree.

Does anyone have any knowledge on this matter, or has dealt with it before?

I would like to rollover because of fees and lack of choices.

Thanks!

[vnatale]

I am 55 and attempting to rollover my 401k to my traditional IRA.

As best I read many financial websites and IRS pages, there is nothing in writing that I can find that prevents me from doing an in-service rollover from my 401k to my traditional IRA before 59.5 other than the plan manager may not allow it.

I am going back and forth with the CFO and the 401k rep who do not agree.

Does anyone have any knowledge on this matter, or has dealt with it before?

I would like to rollover because of fees and lack of choices.

Thanks!

About 3+ years ago I spent a lot of time researching various retirement options for the organization I was then employed with. I knew this quite well then. But time has passed.

There is a lot out there if you do a search on "in service rollover".

One example and with a key quote:

https://www.carboncollective.co/sustain ... -rollovers

"When Can You Do an In-Service Rollover?
The ability to do an in-service rollover depends on the retirement plan's rules.

Some plans allow in-service rollovers at any time, while others have restrictions, such as requiring that you be at least 59½ years old or have worked for the company for a certain number of years."

The CFO and the 401(k) rep should agree as it should be quite clearly spelled out in all the documents that are supposed to be supplied to you as a 401(k) participant.

I am looking at the 401(k) document given to employees who are involved in the 401(k) for a company that I'm associated with. Here is the relevant section and your document should have a similar section.

"Can I withdraw money from my account while working?

In-service distributions. You may be entitled to receive an in-service distribution. However, this distribution is not in addition to your
other benefits and will therefore reduce the value of the benefits you will receive at retirement. This distribution is made at your election
and will be made in accordance with the forms of distributions available under the Plan.

Conditions and limitations. Generally you may receive a distribution from the Plan from certain accounts prior to your termination of
employment provided you satisfy the condition described below:

 you have attained age 59 1/2

The following limitations apply to in-service distributions from certain accounts:

 In-service distributions can only be made from accounts which are 100% vested.9

The law restricts any in-service distributions from certain accounts which are maintained for you under the Plan before you reach age
59 1/2. These accounts are the ones set up to receive your salary deferral contributions and other Employer contributions which are used to
satisfy special rules for 401(k) plans (such as safe harbor contributions). Ask the Administrator if you need more details."

[Cortopassi]

Thanks, Vinny. I am asking for the plan documents.