Hey everyone! Long time listener, first time caller :) First a little history, then onto the question.
My girlfriend is the manager of a high-end woman's clothing boutique in the San Francisco Bay Area. She's been there several years and last June the owner sold the business.
The original owner had a 401k plan for her employees through Charles Schwab and when the ownership change happened, the new owners had an existing 401k plan with Paychex. My girlfriend went through the paces with Paychex to roll over her 401k, but before the money was moved there, the new owner's in their infinite wisdom, decided to move to another payroll/accounting/etc service (the name is escaping me) and they're currently not offering 401k and likely won't at all.
As far as I know, this wasn't really communicated to the staff and the other day my girlfriend received a check from Paychex for the balance of her 401k that is made out to "Charles Schwab FBO Girlfriend's Name."
I'm not sure what her total balance was, if she was taxed on the withdraw, what the penalties may be, etc, but I'm trying to help her decide what to do next. My immediate thought was to dump this into a Vanguard Roth IRA, but I'm no finance guru (I did just pay down 10k in credit card debt in the last year though!).
Anyway, I was hoping I could count on the sound advice from /r/personalfinance to lead her in the right direction. What should our next steps be? What would you all do in this situation?
Happy to elaborate if more information is needed. Thanks in advance.
Submitted February 10, 2017 at 08:41PM by escapen http://ift.tt/2lAyfhy
