Distribution of assets from SelectQuote's Retirement Plan is available through our 401(k) record-keeper, Schwab Retirement Plan Service. This option will be available as of the pay date following your separation from employment.
You can choose to request a distribution, initiate a rollover to another retirement account, or leave the funds in the account, depending on the plan’s terms and conditions.
After you leave your job, your 401(k) funds remain in your retirement account. They are not automatically paid out or transferred. The funds will stay in the account until you take action to manage or withdraw them.
Please note, 401(k) funds will not be available for disbursement until after you have received your final check and any final commission payouts (if applicable).
To access or manage your 401(k) funds, follow these steps:
Confirm Termination is Recorded: Ensure that your termination has been recorded with the 401(k) plan provider. This is typically done by your former employer.
Contact the Plan Provider: Reach out to Schwab Retirement Plan Service to explore your options. You can:
Request a distribution to withdraw the funds.
Initiate a rollover to transfer the funds to another retirement account.
Leave the funds in the account, depending on the plan’s terms and conditions.
Key considerations when managing your 401(k) funds:
Plan Terms: Review the terms and conditions of your 401(k) plan to understand any fees, deadlines, or restrictions that may apply.
Tax Implications: Be aware of potential tax implications if you choose to withdraw your funds.
Financial Planning: Consider consulting a financial advisor to determine the best course of action for your retirement savings.
Participant Services
Monday - Friday 8 a.m. to 10 p.m. ET
800-724-7526
Español: 877-905-2553
TTY services for the hearing impaired: 800-345-2550
Outside the U.S.: 330-908-4777
Please have your Login ID or Social Security number available.