Stoney Posted November 10, 2017 Share Posted November 10, 2017 Company I've worked has been bought out by a business that is ran as a ESOP. We have no idea how this will effect us beyond our retirement. Anybody have any experience with one of these? Link to comment Share on other sites More sharing options...
Hagar Posted November 15, 2017 Share Posted November 15, 2017 On November 10, 2017 at 8:41 AM, stoneykelly said: Company I've worked has been bought out by a business that is ran as a ESOP. We have no idea how this will effect us beyond our retirement. Anybody have any experience with one of these? I know nothing about ESOP, but based on my experience with changing hands (5 times in 32 years), it's a #### shoot. Link to comment Share on other sites More sharing options...
Stoney Posted November 15, 2017 Author Share Posted November 15, 2017 Reb, if it was sopping biscuits I'd be a PHD. This ESOP business I don't know about especially with it being a northern based company doing the buying. Apparently we will become shareholders and that's about all we know. Link to comment Share on other sites More sharing options...
Hagar Posted November 19, 2017 Share Posted November 19, 2017 On November 15, 2017 at 1:58 PM, stoneykelly said: Reb, if it was sopping biscuits I'd be a PHD. This ESOP business I don't know about especially with it being a northern based company doing the buying. Apparently we will become shareholders and that's about all we know. You & me both lol. As a salary employee, I got hosed on retirement by all the changing companies. But other than retirement, some good, some bad. Buddy Stoney, I sure hope it works out great for yall ! Let me know with a simple yea, nay, or so-so. Link to comment Share on other sites More sharing options...
Stoney Posted November 20, 2017 Author Share Posted November 20, 2017 Well Reb it looks like we lose our 401k come the 1st of January and become a profit sharing business based upon salary. Now I gotta figure out what to do with my 401k. Cash it out? Can it be rolled over into a IRA? Getting tired of rumors and ready to get some damn answers. Link to comment Share on other sites More sharing options...
CarthDawg77 Posted November 21, 2017 Share Posted November 21, 2017 5 hours ago, stoneykelly said: Well Reb it looks like we lose our 401k come the 1st of January and become a profit sharing business based upon salary. Now I gotta figure out what to do with my 401k. Cash it out? Can it be rolled over into a IRA? Getting tired of rumors and ready to get some damn answers. Roll it into an IRA! Don't touch it until you Retire; Early withdrawl is Not your best, Stonerooo......😳 Link to comment Share on other sites More sharing options...
Hagar Posted November 21, 2017 Share Posted November 21, 2017 5 hours ago, stoneykelly said: Well Reb it looks like we lose our 401k come the 1st of January and become a profit sharing business based upon salary. Now I gotta figure out what to do with my 401k. Cash it out? Can it be rolled over into a IRA? Getting tired of rumors and ready to get some damn answers. CarthDawg is right. Cashing the 401K is last resort. Back against the wall. Only to make bail. Go IRA and forget it. 1 Link to comment Share on other sites More sharing options...
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