Thread regarding Corinthian Colleges Inc. layoffs

401K WILL IT BE THERE WHEN CORINTHIAN LEAVES

Just found out today that I am not able to roll over my 401K from Everest to another qualified IRA plan with another company. Questioned Prudential when the rules changed and instructed to contact my company. Evidently Everest has changed the requirements for rolling over your 401K at 59 1/2 without notifying employees. Does this mean that there potentially won't be any funds in your 401K with Prudential with the company known as Corinthian ends operation at the end of the year. Prudential refused to elaborate and even laughed at some employees for expecting to receive their proceeds from their 401K. Is Prudential and Everest in this together?

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What 893 said is correct. Your trigger event will be terminating your employment with cci. You need to wait a few days while cci notifies prudential of your termination then they will do the rollover to a traditional IRA at an institution of your choosing. I just rolled mine over to a traditional IRA with Schwab this week. It took them 3 days to get the check over to Schwab.

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There has to be a "trigger event" to move your account. That would be obtaining employment elsewhere, the company claiming bankruptcy, turning 59-1/2, etc. It's not like a savings account. You can't just get access to it by requesting it.

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Another option would be to roll it over into an individual IRA. If you cash out before 59 1/2 you will pay taxes and penalties.

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I called Prudential to ask for my check, I stopped contributing in June. I was told I am only able to remove my money if I am no longer an active employee, or if I had a hardship. Hardships required proof by documentation. Please call for yourself before calling people stupid.

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You are a dumbass. Your 401(k) is in Prudential not a CCI account. You will only get CCI matching once it is vested. Stop your 401(k) and then call prudential and ask for a check and roll it over. No one can stop you from getting your own money.

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I talked to prudential today and rollover and cash outs are fine once you are no longer in active employee status. Maybe you were talking to an Everest admissions rep...what's one more lie?

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This is old news

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How? 37788 I was told that I could not roll over my money unless I was layed off or 59 1/2. I called Prudential, and they stated I was able to keep what was matched, however, CCI is no longer contributing to my 401 K. I would love to pull it out any suggestions?

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rolled over my entire 401k from Prudential into another investment firm today with no problems at all, troll

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That last sentence is an incredibly naive and uneducated statement. I was somwhat willing to believe your story until I read that last sentence.

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Bullshit. I just rolled over my 401K from Prudential to a Vanguard Rollover IRA two weeks ago.

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