What happens to my Voya 401k when I leave my job?
When you separate employment from a company that utilizes Voya Financial for its retirement services, your workplace 401(k) account remains entirely under your personal legal ownership, meaning you do not lose any of your accumulated savings or vested employer matching contributions. You are typically presented with several distinct strategic choices regarding how to manage the account moving forward. You can choose to leave the funds right where they are within the Voya platform if your total account balance exceeds the minimum threshold required for mandatory cash-outs, allowing your investments to continue growing tax-deferred. Alternatively, you can initiate a direct rollover of your 401(k) balance into a traditional or Roth IRA with an external brokerage firm, or transfer the funds directly into your new employer's retirement plan if their administrative rules allow incoming rollovers. Another option is taking a full cash distribution, though choosing this route triggers immediate ordinary income tax liabilities along with a steep early withdrawal penalty if you are under the standard retirement age threshold.
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