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Can I take out my 401(a)? retirement?

I am 24 years old an worked for the state of Virginia for about two years. However, I do not plan on retiring through their system. I am looking to request my refund online.

It is giving me the option to take out my "Member Contribution Account" amount.

However, it is not giving me the option to take out my 401(a) Cash Match Plan balance...

I was wondering if it was possible to take that out as well? Or is that something I can not take out, and just end up losing entirely? It is not a whole lot, but I would still love to have it..

Than You in Advance!

7 Answers

Relevance
  • 1 year ago

    If you want to take out that money and close the 401k, you have to request that separately.  They never group that with other plans or systems.  I don't think you can do that online.  Also, you NEVER lose it.  It will always be there for you, until you take it out.

  • 1 year ago

    Taking it out completely will cause a HUGE loss of matching funds. Most people roll the 401k into an IRA account when they shift jobs.

  • 1 year ago

    Have you left that employer??  If you're currently still employed with them - no.  If you are no longer there, then you get your contributions.  And whether or not you get your employers contributions depends on THEIR RULES.  

  • A
    Lv 7
    1 year ago

    You are best to just leave it where it is to grow, unless you plan to roll it over into a new employer's k plan. Your employer may have a policy regarding the employer match and you do not have ownership rights until a specified time period has passed, you need to look at your specific plan rules

  • Anonymous
    1 year ago

    What is the vesting schedule for the employer match?   No one here can answer that for you.

    Many employers have a vesting schedule.  That means the employer contribution to your account isn't 100% yours until you've worked there for however many years is required by the vesting schedule. 

  • 1 year ago

    If you are not yet vested in the plan, which could be the case after only two years, it won't let you take out the cash matching portion your employer contributed. You will lose it at this point.

  • Anonymous
    1 year ago

    I'm uncircumcised

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