Mechanics of Quitting - Revisited (Need Advice)
Hi all,
as title suggests I’m at a BB where I received my bonus this morning. It’s still “processing” even though the money is in my bank account.
safe to give two week notice tomorrow morning? On the off chance they cut me loose immediately I’m terrified they’ll try and cancel my bonus, even if I offer to work the full two weeks. Am I just paranoid? Can I plan to quit tomorrow without issue?
separately - how do mechanics of transferring a 401(k) across employers work during off boarding? Will they write a check to the new 401(k) provider or do I need to plan to set up a separate brokerage account to transfer in the interim?
clearly my first time quitting..apologies in advance
Can't opine on the bonus portion. But on the 401k, set up another independent 401k (like through Fidelity or Schwab) and then they'll have prepopulated options to transfer a workplace plan...pretty simple.
Once the bonus clears, they can’t do anything. So once the transfer is no longer “pending” in your account, you are good to quit.
On the 401k, You’ll still have your login to your workplace 401k account assuming it’s at like Schwab or Fidelity. Then once you get to your new job you can transfer it to whatever brokerage they use.
Got it. Yeah, hoping then it’s done processing by tomorrow so I can quit by tomorrow afternoon then..cutting it close with the start date for my new job in 3 weeks.
noted on the rollover. I’m sure it’ll be brought up during my offboarding but glad to hear it’s fairly simple
I would roll your 401k over to your new company 401k.
If you roll it over to a traditional IRA, you will create a big headache for yourself when trying to do your backdoor Roth IRA.
You are good to quit tomorrow. Probably fine now, I don't think they would be able to work with the payroll provider fast enough to "cancel" it today, but just slack off all day and give your resignation tomorrow. If you aren't going to a competitor, they may offer you to name your last day. If its a competitor you will be asked to hand over your laptop immediately.
You don't need to deal with the 401k immediately. That's something to handle in ~3 months once you get your new 401k at the new shop. There's probably a rollover form, you call the old provider and they send a check that gets mailed to the new provider.
why did you decide to quit in this type of job economy? just curious
Already have a job lined up, just looking to get bonus paid before dipping
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