Deloitte fishes - what do you do with your Cash Balance Plan when you leave? Do you roll it into an IRA?

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I will - should I call 1800 deloitte to get started?

likehelpful

Yes

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You can def roll it over to IRA and should.

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I once got a letter that said it is not payable until you retire and saying it is just under some Deloitte account (without further details); not sure how to get it out since there is no way of moving it - when you go to the site it only says ‘if you are ready to retire or retiring early…if you leave they dont give you that money at that time.

I just dealt with this.

You go through 1-800deloitte.
They’ll tell you to log into the alumni benefit portal (same place you sign up for cobra).

You can then request to pull your cash balance out and pay penalty (or work with them to rollover to somewhere else to avoid tax penalty).

likehelpful

If it is over a certain balance do they make you leave it maybe? I remember years ago anything under 30k had to be moved .. but maybe that’s changed?

If you roll it into an IRA I'm assuming it's a traditional IRA. What do people think of the pros and cons of that as it would cut off your ability to do an efficient backdoor Roth

The balance was over $40k.
I am rolling it over into the deloitte 401k plan as that’s allowed

Yes, it’s a rollover to a qualified plan (401k or IRA), so no penalty.
You’ll have to pay a penalty if you take a distribution to yourself

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