I have recently got lay off. What happens to the 401k investments in sectors that are only offered by my [former] employer?
I have fidelity and picked low cost index funds when I was employee. I am not sure if fidelity moves my money to some other expensive target funds that I not interested in.
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Usually if you are under some minimum balance you get a check which starts the clock on a forced rollover unless you want a nasty tax hit.
Critical Note: If you do have a loan outstanding, the debt becomes automatically due in [about] 90 or so days else there will be tax consequences. Feel free to hit me up if you would like more pointed advice.
Note: I’m neither a lawyer nor a financial planner. :)
As the Google person said above there are some other differences in legal treatment but the tax part is mostly the same. IRA has broadest range of investment options (unless the 401k offers a linked brokerage account - FB's does, the only place I've seen it) but a good 401k will as Google said often offer lower costs both on account fees (usually 0) and by having access to institutional fund offerings with lower costs at the fund level. OTOH not all 401ks are good and at smaller companies even if the funds are good there can often be a narrower range of them.