PRAP During Furlough
07-11-2020, 07:27 AM
#1
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PRAP During Furlough
Does anyone know if there are company stipulations that require you to leave your assets in the PRAP during furlough? I’d like to roll the account over and the Schwab rep didn’t really seem to know what a furlough was.
Of course, if the PRAP or some other contribution plan didn’t exist during the last furlough, I guess it’s anyone’s guess until we actually try it.
Of course, if the PRAP or some other contribution plan didn’t exist during the last furlough, I guess it’s anyone’s guess until we actually try it.
07-11-2020, 08:09 AM
#2
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Does anyone know if there are company stipulations that require you to leave your assets in the PRAP during furlough? I’d like to roll the account over and the Schwab rep didn’t really seem to know what a furlough was.
Of course, if the PRAP or some other contribution plan didn’t exist during the last furlough, I guess it’s anyone’s guess until we actually try it.
Of course, if the PRAP or some other contribution plan didn’t exist during the last furlough, I guess it’s anyone’s guess until we actually try it.
07-11-2020, 08:45 AM
#3
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07-11-2020, 09:19 AM
#4
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You can do a google search on furlough and a 401k, and it would be at least more reputable.
There is a big difference between furloughed and fired. Non-rev pass benefits for one, and the inability to move your 401k is another. But what do I know? I am just a (soon to be furloughed) pilot.
07-11-2020, 09:25 AM
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07-11-2020, 12:00 PM
#6
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Yes you can roll over. You’ll get a 1099R for the transaction indicating that it was a rollover so no tax penalties for early withdrawal.
You will have to file it as part of the normal 1040 submission.
Lee
You will have to file it as part of the normal 1040 submission.
Lee
07-11-2020, 02:28 PM
#8
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Posts: 1,888
Remember what they say about getting financial advice from a pilot? Don't.
You can do a google search on furlough and a 401k, and it would be at least more reputable.
There is a big difference between furloughed and fired. Non-rev pass benefits for one, and the inability to move your 401k is another. But what do I know? I am just a (soon to be furloughed) pilot.
You can do a google search on furlough and a 401k, and it would be at least more reputable.
There is a big difference between furloughed and fired. Non-rev pass benefits for one, and the inability to move your 401k is another. But what do I know? I am just a (soon to be furloughed) pilot.
07-11-2020, 03:13 PM
#9
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07-11-2020, 04:17 PM
#10
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I have six ex-wives, a boat, a motorcycle, three houses I can’t afford, I’m paying $2 million so my six kids (by six different ex-wives) can get degrees in liberation gay/lesbian literature between 1890-1915 from Wellesley College and Vasser, no savings, $200k in credit card debt, and here’s my advice...
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