This is not Fidelity's policy, it's the Mutual Funds. All that information is available in the prospectus. It is the same for a majority of retirement plan providers. Making round trips and frequently trading in and out of mutal funds with large sums of money ruins the mutual fund and makes the company charge more for expenses. If you want to day-trade, open a brokerage account and leave mutual funds alone.
Are you still employed? Are you over 59 1/2 years old? Are you retired or disabled?
Bottom line, if you are still employed you cannot take the money out in most cases. NOT ALL PLANS HAVE THE SAME RULES! Don't listen to call in programs because you most likely don't work for the same employer. A contract between the client (your employer) and the provider (transamerica) outlines everything allowed and disallowed. Being willing to pay taxes and penalties doesn't help if you don't qualify for a withdrawal. Ask for the following...
1) Loan
2) Hardship Withdrawal
Many plans only allow hardships for the following
Buying a primary residence
Avoiding foreclosure or eviction THAT IS DOCUMENTED
Medical expenses not cover by insurance
College Tuition, room and board
Damage to your home due to natural disaster that qualifies as a casualty expense
Funeral expenses
That being said, your plan does not have to offer either option. Let me know if you still need help or have questions. Also, please provide your current employment status.
Jeff
jvswerbo@yahoo.com
