Key insights
- The post describes a user's experience with T. Rowe Price advising a 401k rollover via withdrawal, raising concerns about potential tax implications. While this is an individual case, if widespread, such practices could negatively impact retirement savings and investor confidence, creating slight downward pressure on financial service stocks.
Hello,
Long story short I got an email from an old employer saying that they were no longer using T. Rowe Price for their 401k and that I will need to move my funds. I contacted T. Rowe Price and they said in order to do a 401k rollover (into another traditional 401k) I would need to do a withdrawal. I was always under the impression that a withdrawal is a taxable event whereas a 401k rollover, assuming it's one traditional account into another, is not. Has anyone rolled a 401k out of T Rowe Price before and had to do it via a withdrawal?