Hi,
I recently received a letter from a former employer (post-marked 3/20) that I needed to roll over my pre-tax 401K I had when I worked there to a private account by 3/31 because I am no longer employed with them. This is an employer from over three years ago.
I called Fidelity (the firm managing this 401K) and they weren't aware of this letter, but listed my options as:
1. Transferring funds to my new employer's 401K (could take up to 14 business days)
2. Transfer funds to a rollover IRA within fidelity (could take 3-5 business days)
Apparently, if I don't take initiate action by the 31st, the funds will automatically be moved to a money market account managed by a third party.
In either scenario, I believe Fidelity would first sell the holdings on the account and then transfer over the cash value. I'm afraid to have money out of the market for any period of time given the current volatility. Is anyone aware of options for me to not have to sell my holdings in the transfer? (Especially if I go w/ option #2?)
I've tried contacting my employer, but they're a large multi-national with 30K+ employees, and I have had no success reaching a real person. Anyone I knew at the company has also left by this point.