{ "media_type": "text", "post_content": "Does your 401k loan transfer to new job or do you have to pay it off completely before leaving your old job?", "post_id": "60d1e0dd4f715500273b3753", "reply_count": 5, "vote_count": 2, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting" }

Does your 401k loan transfer to new job or do you have to pay it off completely before leaving your old job?

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I believe you need to pay it off. I assume you were given all the terms when you took the loan

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Depends on the broker but I believe you usually have 30-60 days to pay off the loan before it counts as a distribution in which case you have to pay tax and 10% penalty

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In my experience it will be marked a terminated loan and the funds will be taken from your balance as a “distribution” to pay it off

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That makes sense. Idk why I thought it would transfer to the new job. Thank you!

EYs plan with fidelity allows you to continue monthly payments if you choose even after you leave, but you need to keep a min 1500 in the plan.

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