Not sure if this is more of a tax / accounting question, but here goes;
I am planning on going part time later this year, dropping from ~ 50 hrs/wk to around 8-12 hrs/wk. I would remain a W-2 employee for professional liability insurance reasons.
My hope is that this will make me ineligible for the 401K and I will be able to then roll it over to an IRA. Our plan has very high fees (approx. 2% for index / target date funds) and I have around $200k in there. Our plan does not allow in-service roll overs. I am going to reach out to the admin of the plan (VOYA) to see what I would have to do to roll it into an IRA while still employed, if I can pay some sort of fee or something to have this done.
At the time I go part time I will have worked 8 years full time and ~ 700 hrs in 2023 and will likely work another 100-300 hrs in 2023. Maybe 200-600 hours in 2024. Any idea if this would make me ineligible? Do I need to stay under 1000hrs a year or 500 hrs a year? Currently all of the part time guys are 1099, so I am not sure how it is handled.
Experience? Insight? Advice?