What is Teamsters Union?

I have been trying to withdraw my 401k for 4 months. my former employer and the teamsters union verified my seperation

• is there anything i can do to make prudential release my funds ? I call every day and there is always something else they are waiting for.HR has no idea what and the teamsters dont understand either

• Answer:

  It would work much better if you went to a brokerage house like Fidelity or a bank and do an direct 401(k) rollover to an IRA instead of a withdrawal. By doing it electronically, it goes much faster and smoother. All you do is take your 401(k) paperwork to the bank, open an IRA and the bank will electronically contact Prudential and arrange for the rollover. If you are trying to make a 401(k) withdrawal, the IRS requests a mandatory 20% withholding before you get your money. If you roll directly it into an IRA, there is no mandatory 20% withholding. Plus, the total value of the withdrawal is considered income and subject to tax. If the amount is large, it could create a large tax bill for you. You can avoid the tax by depositing the withdrawal into an IRA as long as you do it within 60 days of the withdrawal. If you do a direct rollover, you avoid the 20% withholding, and then can make smaller withdrawals from the IRA, no mandatory withholding, and spread out your tax implications.