We will receive data regarding your employment status from your employer. Typically, this information is obtained through payroll after you leave your company. Your portal will be updated at that time, and you will be given the option to either:
- Distribute your total account balance or,
- Roll over your balance to another retirement account.
If we do not receive your termination date from your employer, you will not be allowed to process a distribution or rollover of funds from your account. Depending on your account balance, there may be a time limit to when you may take action in your account following your termination.
| Account Balance | Allowed Action |
| Under $7,000 | The balances will be forced out quarterly. Your funds will be taxed as a distribution if you do not roll them into another qualified plan or IRA. |
| $7,000 or More | Your account cannot be forced out and your funds will remain in our platform. |
Note: If your balance is under a certain threshold, the fees to distribute the funds may outweigh the account balance. Therefore, these accounts are zeroed out.
Once you decide how to proceed with your account, you can request the transaction directly from your saver portal. If you need help, please follow the steps in our article "How to Request a 401(k) Withdrawal."
Outstanding Loans
If you have an outstanding loan, you must repay it in full by the end of the quarter following the quarter in which your employment terminates. For example, if your employment ended on March 15, you would need to pay back the outstanding loan balance by June 30. If you fail to do so, the unpaid balance will be treated as a distribution, meaning you may owe taxes on the amount, plus a 10% penalty if you are 59 or younger.