I want to close my 401k I'm 45 I know of the penalties employer says no reason age/no job loss can they do that?

To whom it may concern:

I have done taxes and I've cashed out prev 401k's when changing jobs instead of rolling them over I know I will be paying fed tax on cash out as well as 10% penalty on my 1040 for taxes for the year I receive the cash out.

This employer tells me I cannot cash it out unless hardship/of age/or terminated.

I cannot believe this is so, it is my $ and all my contributions no employer contribution at all and if I want it knowing I'll be paying taxes and penalties then what's the deal here?

I think it is unlawful and I need proof so I can take to the employer and tell them to start the paperwork because I want it now.

I also plan on emailing www.DOL.gov.

Thanks for any help you can provide


Janet L Anderson