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09-25-2012 | 08:04 AM

#22031

H46Bubba

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From: NOYDB

Just got an email from Fidelity about my Comair 401k. Comair is telling them to cash out your 401k and send you a check for the proceeds, since they are closing the doors on Saturday.

09-25-2012 | 08:54 AM

#22032

tjflyboy

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You have to request Fidelity to make any changes. They won't just cut you a check, lots of tax implications. Just roll it over to whatever 401k you have now or leave it where its at.

09-25-2012 | 08:57 AM

#22033

CRJ900Series

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Joined: Sep 2012

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From: OHCRJ90Captain

I wonder what ALPA President Moak's statement will look like when Comair ends operations on Saturday?[/QUOTE]

It will probably be as much as you saw on the ALPA website when the closure date was announced.

09-25-2012 | 10:27 AM

#22034

Geardownflaps30

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Joined: Jun 2011

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Quote:

Originally Posted by SuperPilotJesse

Anyone care to give me LOA 12-04?

I just got forwarded this letter with the hr.comair.com it says to refer to this LOA to know about your flight benefits. I don't have the LOA and the new website is not active for another week?

Thanks.

The LOA is posted on Epic as well as on the MEC/Local council websites, etc.

What is your question about your flight benefits? If you are furloughed or retired there is no changes to what you already have (if that helps).

09-25-2012 | 10:46 AM

#22035

H46Bubba

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From: NOYDB

Quote:

Originally Posted by tjflyboy

You have to request Fidelity to make any changes. They won't just cut you a check, lots of tax implications. Just roll it over to whatever 401k you have now or leave it where its at.

Yeah, they already did..yesterday. Comair requested, I didn't. Checks in the mail.

09-25-2012 | 11:29 AM

#22036

jrmyl

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From: 747

Quote:

Originally Posted by H46Bubba

Yeah, they already did..yesterday. Comair requested, I didn't. Checks in the mail.

Not sure if that is legal or not, but in any case, I think you have up to 60 days to put that check in a new 401k without any tax penalties.

(and I'm not a tax professional so if any other questions seek out someone more qualified than I)

09-25-2012 | 11:38 AM

#22037

gatorhater

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Joined: Jul 2012

Posts: 293

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From: 767 FO

Don't cash the check. Take it to another investment house and let them walk you through the process. Tax implications are big and irreversible make sure you get it right.

09-25-2012 | 11:59 AM

#22038

BlueMoon

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Joined: Feb 2007

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From: FO

When I quit I opened a Scottrade rollover IRA to close out my Comair 401k, Fidelity mailed me a check which I had to take to Scottrade. My current companies 401k wasn't great and Scottrade had low fees. Took 30 minutes to open online and 10 minutes to drive to the office and drop the check off.

09-25-2012 | 04:26 PM

#22039

Avroman

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Joined: Feb 2008

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From: FIRE ALPA

Quote:

Originally Posted by tjflyboy

You have to request Fidelity to make any changes. They won't just cut you a check, lots of tax implications. Just roll it over to whatever 401k you have now or leave it where its at.

You probably won't be able to leave it where it's at. Either roll it into your current 401K (if it's of the same type, ie Traditional to traditional or roth to roth) Or more advised would be to open a rollover IRA with a brokerage of your choosing.