401k with Alight- leaving firm and not sure if I should port it or keep as is? Pros and cons?

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Definitely roll it over to a non firm managed company so that you can have more control over it. No taxes incurred when you roll it over. You’ll eventually get a tax statement that’s coded as a rollover, ensuring that the US government knows you rolled it over and did not take any distributions.

After you roll it over, you get a lot more control over the investments you can pick.

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I think you can convert it to an IRA which I'd do. Gives you more control to you and choices for funds

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You can roll it over. You'll open an IRA Rollover account. Then fill out a transfer form. It could take up to 7 days, but usually only take a couple days.

The paperwork will take about 15 minutes on-line.

Move it to your new 401k or an IRA. I’m not a fan of the Alight platform (or our fund options).

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yes - ira conversion is tax free

Thanks all! Can I roll it over to Fidelity? I currently have a Brokerage account there (i'm an investing newbie)

It might also be confusing because there’s both Mppp and PSRP (or whatever it’s called…) in Alight - I haven’t bothered rolling mines over since I was t sure if it would be complicated

Can you stay with Alight when you leave MCK or you need to roll it over right away?

It doesn’t matter until you need to do something with it

Follow up question: what are the pros and cons of rolling it into an IRA versus merging it with my new employer's 401K?

Pro: you get much more control on the funds you choose to invest in. You can even invest in individual stocks theoretically (wouldn't advise that but it's possible) Remember that many of the 401k plans suck.
Con: not sure but question for you: is there any fund or other investment that is available to you in 401k but not in the IRA? If so, that's the only downside imo.

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