At the beginning of the year, I maxed out my 401(k), contributing $23,500 pre-tax, $34,750 after-tax, and my employer matched the first 50%, contributing $11,750. The total is $70,000, the max total contribution. The 401(k) has no vesting.
I changed employers, and it also matches the first 50%, so I'd like to get another free $11,750.
It I contribute another $11,750, could I declare $23,500 of excess contributions (since I'm already at $70,000)? I assume the provider would let me get back (pre-tax) all $23,500 and not just the $11,750 I contributed to keep me in compliance. Could my old employer claw back the 401(k) match if I did this? It's "their" plan, but I no longer have any relation with them, so it's my money. I called Fidelity, and they said they don't know if the match will be clawed back.
What would happen if I did a rollover into an IRA? That would take the old plan out of this, but complicate paperwork. What about rolling it over into the new plan? Both offer low-fee Vanguard target date funds, so I'm happy with the investment options either way.
