Spouse approval to withdraw 401K funds?

#4 09-04-2003, 09:10 AM

skip... in '86, while my husband was still alive, i cashed out a 401
plan from a hospital that i was leaving to take a better position with
another hospital and did sooo without needing his signature... at the
time, he wasn't all that happy with the idea, though it turned out to be
one of those better investment decisions, fer i used the funds to buy
shares of microsoft stock when it made its ipo in '86... though fer most
people, i would strongly suggest participating in a 401, fer the simple
reason that most people just don't like managing their investment
monies... good luck!...

#3 09-03-2003, 03:15 PM

On 3 Sep 2003 09:05:11 GMT, kathyae[at]webtv.net (kat) wrote:

- quote -

> in georgia, ya don't need both signatures... thus perhaps it varies from
> one state to the next...

The spousal consent for distributions is part of the compliance
section of ERISA, a federal law applicable to private sector plans.
While there are exceptions to plans which must comply with ERISA, I
don't believe that "plans in Georgia" is one of them.

You may be thinking of the Georgia Retirement System (state employees)
or the Teachers Retirement System, neither of which is a private plan,
and neither is subject to ERISA.

-HW "Skip" Weldon
Columbia, SC

#2 09-03-2003, 09:05 AM

in georgia, ya don't need both signatures... thus perhaps it varies from
one state to the next...

#1 08-28-2003, 08:05 PM

I live in a community property state so my wife "owns" half my 401k.
On that basis, joint signatures would be required.

Frank

"T T" <tool[at]toolbox.net> wrote in message news:<m06dnSGafdwXqtaiXTWJkA[at]comcast.com> ...
- quote -

> Yes, some plans require that the spouse be entitled to a joint survivor
> annuity distribution from the plan. If the account holder wants any other
> type of distribution, the spouse must sign and approve and the signature
> must be notarized. The requirement is mandated by the particular plan and,
> if your relatives is, would be stated in the plan documents.
> "Lucy" <lucysqirl[at]yahoo.com> wrote in message
> news:50271bf9.0308251849.646370c7[at]posting.google.com...
> > A relative is considering withdrawing his 401k funds as cash vs
> > rolling over into another fund (he has quit his job). Does anyone
> > know if he has to get his wife's approval to do so? If yes, is that a
> > requirement that is usually mandated by the plan or is it a law?

08-26-2003, 12:00 PM

Yes, some plans require that the spouse be entitled to a joint survivor
annuity distribution from the plan. If the account holder wants any other
type of distribution, the spouse must sign and approve and the signature
must be notarized. The requirement is mandated by the particular plan and,
if your relatives is, would be stated in the plan documents.

"Lucy" <lucysqirl[at]yahoo.com> wrote in message
news:50271bf9.0308251849.646370c7[at]posting.google.com...
- quote -

> A relative is considering withdrawing his 401k funds as cash vs
> rolling over into another fund (he has quit his job). Does anyone
> know if he has to get his wife's approval to do so? If yes, is that a
> requirement that is usually mandated by the plan or is it a law?

#-1 08-26-2003, 03:45 AM

A relative is considering withdrawing his 401k funds as cash vs
rolling over into another fund (he has quit his job). Does anyone
know if he has to get his wife's approval to do so? If yes, is that a
requirement that is usually mandated by the plan or is it a law?

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