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Asked 11/10/2008

Can employers hold your 401k after being fired

I was fired from my job and they said it would take over a year before i see any money are there any laws on this

 
 
 
 
 
Answers

Answer 1/2 - Submitted 12/6/2010

It depends upon the type of plan and plan documents. I would ask them how they can hold it for a year.

 
 

Answer 2/2 - Submitted 12/6/2010

There are many plans that do not allow for distribution after termination for 6 months, even the plan year after the year of termination.. (Depending upon the plan year.. this could be a long wait)
The plan document outlines all the rules defining that plan. You should have access to a copy, In fact most administrators that have a website shows on your account the earliest date for withdrawal. It is legal as long as the plan documents states it.

 
 
 
 
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