I recently left my job to go back to school.
I have a 401k plan with my previous employer with an account balance of $12000, and a vested balance of $8000. The $4000 difference is the employer match after working at the company for 2 years. My understanding is that if I move my money from the employer account, I will lose 100% of the match. Employees must work at the company up to 7 years to get 100% of the employer match (2 years doesn't get you anything).
My 2 questions:
Since I do not see myself returning to that company after graduate school, does it make more sense to rollover my 401k to a Roth-IRA, though I will lose the $4000?
I currently have a Fidelity Roth-IRA set up. Since I can only contribute $5500 per year, will I need to set up a separate IRA to receive the remaining $2500 balance of the roll? My plan is to put this money away until retirement, so I would prefer to avoid any tax or fees with the roll.
Since this was my first job with benefits out of undergrad, I am relatively new to the world of 401k plans. Any advice is much appreciated!