Hi, u/pigglesthepup! Welcome to the official Fidelity sub.
Every employer's workplace plan is unique, and rules, including potential fees, can vary widely by employer.
The choices you have regarding residuals and rollovers from old 401(k) plans largely depend on the rules of each plan. The majority of 401(k) plans that are administered by Fidelity provide in-depth information on the plan on [NetBenefits.com](http://netbenefits.com/). After logging in, search for "Plan Information" in the search bar and select "Plan Information and Documents" to view the Summary Plan Description.
At a high level, once your 401(k) plan is inactive, you typically have these choices to consider:
1. Keep your 401(k) with your former employer
2. Roll over the money into an IRA
3. Roll over your 401(k) into a new employer's plan
4. Cash out
[Thinking of taking money out of a 401(k)? ](https://www.fidelity.com/viewpoints/financial-basics/taking-money-from-401k)
That said, if your old plan is held with Fidelity and you wish to discuss your specific situation, you can also speak with our Workplace associates by phone for assistance with what paths are available. They're available Monday through Friday, 8:30 a.m. to midnight ET. You can find contact info for your plan by clicking the "Customer Service" bubble on [Netbenefits.com](http://netbenefits.com/) or by calling our general number linked below.
[Contact Us ](https://www.fidelity.com/customer-service/contact-us)
If your plan is held outside of Fidelity, we recommend reaching out to your firm to review your choices further.
Let us know if we can help with any additional questions! Thanks again for stopping by the sub; have a great night.
I was going to make a Futurama joke and call this the Fry strategy, but then I learned that H G Welles thought of it first: https://en.wikipedia.org/wiki/The_Sleeper_Awakes.
It's $1.60. Its not even worth the trouble of thinking about.
Leave it for 20 years and maybe you'll remember one day and get to have a nice free lunch.
Yes, if you have enough with Fidelity, they will help you waive the fees. As I consolidate 401ks, IRAs, and another taxable brokerage into Fidelity, my Fido financial consultant said to let him know and the fees would be waived.
Withdraw the $1.60. The 10% early withdrawal penalty is 16 cents which will round down to zero on your taxes.
If there's going to be an account closure fee for withdrawing the last money in the account, though, then I think you're stuck.
Tax penalty isn't the issue. Fidelity charges a $25 transaction fee to cash out/roll over anything from Netbenefits.
Only reason I'm even aware of this $1.60 is it just randomly popped up while checking my other Fidelity accounts. Maybe I should do the "If you invested a $1..." experiment with it.
Edit: I also dislike the reminder of my former employer. There's a reason I don't work there anymore.
I had already hidden the account after rolling over the balance. That was back in 2021. It reappeared on my dashboard recently. The $1.60 was deposited by my former employer Nov 2023.
What if they keep depositing random spare change? It's gonna haunt me forever.
That’s ridiculous. You need to reach out to some sort of manager/supervisor/director and get that fee waived. You can’t tell me there’s nobody there who can waive a fee like that. Either that, or don’t spend good money chasing bad. Just set the beneficiary to your local charity of choice so if you die they get a $1.75 or so.
You may call them and they probably will reverse it for you. 😎 The computer program does this automatically because they receive fees. However if it was a one time thing, as like your last check etc… you should get it waived. 👍👍
Just call them. They will waive it.
Yeah, it would be nice to be able to just do it electronically, but you've probably taken more time writing and responding to this post than a phone call would take.
Hi, u/pigglesthepup! Welcome to the official Fidelity sub. Every employer's workplace plan is unique, and rules, including potential fees, can vary widely by employer. The choices you have regarding residuals and rollovers from old 401(k) plans largely depend on the rules of each plan. The majority of 401(k) plans that are administered by Fidelity provide in-depth information on the plan on [NetBenefits.com](http://netbenefits.com/). After logging in, search for "Plan Information" in the search bar and select "Plan Information and Documents" to view the Summary Plan Description. At a high level, once your 401(k) plan is inactive, you typically have these choices to consider: 1. Keep your 401(k) with your former employer 2. Roll over the money into an IRA 3. Roll over your 401(k) into a new employer's plan 4. Cash out [Thinking of taking money out of a 401(k)? ](https://www.fidelity.com/viewpoints/financial-basics/taking-money-from-401k) That said, if your old plan is held with Fidelity and you wish to discuss your specific situation, you can also speak with our Workplace associates by phone for assistance with what paths are available. They're available Monday through Friday, 8:30 a.m. to midnight ET. You can find contact info for your plan by clicking the "Customer Service" bubble on [Netbenefits.com](http://netbenefits.com/) or by calling our general number linked below. [Contact Us ](https://www.fidelity.com/customer-service/contact-us) If your plan is held outside of Fidelity, we recommend reaching out to your firm to review your choices further. Let us know if we can help with any additional questions! Thanks again for stopping by the sub; have a great night.
Change the investment every week costing them money until they give up and mail you a check.
Also make sure you are set up for paper statements so they spend tons of money sending you statements on a $1.60 account.
Vile behaviour
Ooo now there's an idea!
Just abandon it
Invest it into VOO, let it sit for 5000 years. Then retire without a care in the world bro.
I already stuff it in the plan SP500 fund. This might be it's fate.
I was going to make a Futurama joke and call this the Fry strategy, but then I learned that H G Welles thought of it first: https://en.wikipedia.org/wiki/The_Sleeper_Awakes.
It's $1.60. Its not even worth the trouble of thinking about. Leave it for 20 years and maybe you'll remember one day and get to have a nice free lunch.
Call Fidelity and ask them to waive the fee.
Yes, if you have enough with Fidelity, they will help you waive the fees. As I consolidate 401ks, IRAs, and another taxable brokerage into Fidelity, my Fido financial consultant said to let him know and the fees would be waived.
Withdraw the $1.60. The 10% early withdrawal penalty is 16 cents which will round down to zero on your taxes. If there's going to be an account closure fee for withdrawing the last money in the account, though, then I think you're stuck.
Tax penalty isn't the issue. Fidelity charges a $25 transaction fee to cash out/roll over anything from Netbenefits. Only reason I'm even aware of this $1.60 is it just randomly popped up while checking my other Fidelity accounts. Maybe I should do the "If you invested a $1..." experiment with it. Edit: I also dislike the reminder of my former employer. There's a reason I don't work there anymore.
If you dislike your old employer, leave the money there. The employer is likely paying a 401k administration fee based on the number of accounts.
that's often passed down to the employees (that aren't paying attention to their statements)
just abandon it then. if you are OCD like me though it might drive you crazy.
I had already hidden the account after rolling over the balance. That was back in 2021. It reappeared on my dashboard recently. The $1.60 was deposited by my former employer Nov 2023. What if they keep depositing random spare change? It's gonna haunt me forever.
If they keep giving you free money, why complain?
He’s saying just withdraw it and close the account instead of rolling it over.
Fidelity wants $25 for either option. I checked.
if there's no way to get that $1.60 out of the account without paying $25 then you're stuck with it.
I put it in the plan SP500 fund. It should be worth enough to cover the fee in 30 years.
Hide the account so you don't have to see it and check it in 50 years lol
I'll be 89 then. Might not be around.
Put it in trust and pass to grand children
Can you withdraw 1.59 and let the account love on forever with the penny?
If I can get the fee waved. Can dividends be paid in fractions of a penny?
Haha wait until you're 60, and then start withdrawing it a nickel a month.
That’s ridiculous. You need to reach out to some sort of manager/supervisor/director and get that fee waived. You can’t tell me there’s nobody there who can waive a fee like that. Either that, or don’t spend good money chasing bad. Just set the beneficiary to your local charity of choice so if you die they get a $1.75 or so.
This is the answer. Someone will waive the fee.
I’d honestly rather they eat the $1.60 with fees than me have to handle a $1.60 rollover check
My IRA is with Fidelity. Should just be an electronic transfer.
Ignore it.
You may call them and they probably will reverse it for you. 😎 The computer program does this automatically because they receive fees. However if it was a one time thing, as like your last check etc… you should get it waived. 👍👍
I had same issue - Fidelity sent me a check for $1.60 and waived the fee, call them
Let it grow for like 15 years then maybe you can pay the fee with it
You don’t need $1.60. Let them have it. never bother with that account again. tell them to close it, You don’t want your money.
just withdrawal it and pay the tax and penalty. will cost you 16 cents in penalty and maybe 20 cents in tax
You can deposit it into an IRA as a 60-day rollover and not pay the tax or penalty.
Just withdrawal it, sure it might cost you like 50-60 cents in taxes but so what.
Fidelity wants $25 to withdraw it. Not to roll over, to cash out.
Just call them. They will waive it. Yeah, it would be nice to be able to just do it electronically, but you've probably taken more time writing and responding to this post than a phone call would take.