Curious about SunTrust 401k retirement and how to get out of it when you need to? This type of information can be found on the SunTrust website. It is also possible to get this information by talking to the accounting department at your company. Dropping out of the SunTrust retirement plan can be done at any time. There are some easy ways to get out of a SunTrust 401k retirement plan. The reasons a person may choose to get out of a retirement plan are varied. The following are some guidelines to help a person make this decision.
- You should contact your accounting department if you are considering getting out of a SunTrust 401k retirement plan. You should be made aware by the accounting department that you can resume the plan at a certain time. The company will advise you of the length of time it will take for this to become effective.
- You will be asked to sign some papers. These papers are called “opt-out” forms. The accounting department will then forward them to the retirement fund company, advising them that you want to opt out of the SunTrust 401k retirement plan.
- The retirement fund company will then send you a statement giving you the balance in your account. The company will usually mail this statement to your home. You will continue to receive statements each quarter, even though you no longer have a SunTrust 401k.
- All 401k plans are tax deductible. The amount that you have taken out will now be considered taxable income. Getting out of a SunTrust 401k retirement plan could mean that you will pay additional taxes at the end of the year.
- You should be aware that returning to a SunTrust 401k retirement plan can be achieved. Most companies have a quarterly period when you can change or renew your plan. Although dropping out can be done at any time, re-enrolling must be done at this quarterly period.