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Asked 12/9/2008
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Can my employer take away my 401k after i have already started it (i am over 21 and work full time)? I am over 21 and work full time. In october I signed up for a 401k and money has been taken out of my check. However now my employer says I was never eligible for a 401k (because I use to be a part time employee and "might leave my job for school") and will no longer be allowed to have one and they will not match the money that is already in there. Can my employer do that? |
Answer 1/1 - Submitted 12/10/2008
A 401K is a benefit and not an obligation of a company so they can discontinue the program. However if they have a 401K plan it should have rules as to who can participate, what the company match is and they should not be able to arbitrarily able to decide that you can not participate if you meet the same criteria as other employees. Some common rules are a vesting period, employment at the company for a period of time before becoming eligible, etc.. I would look and see what those are to determine whether you qualify according to them or not.
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