What happens to your Transamerica 401k when you quit?
Leaving a company that administers its retirement plan through Transamerica means your accumulated 401(k) assets remain secure and fully vested under your personal ownership. You can choose to leave your savings within the Transamerica platform to continue growing tax-deferred if your balance exceeds the plan's mandatory cash-out threshold. Alternatively, you can execute a direct rollover of your funds into an individual retirement account or transfer them directly into your new employer's retirement plan to consolidate your savings. Withdrawing the money as cash is also an option, but it incurs immediate income taxes and potential early withdrawal penalties.
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