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Asked 4/16/2009
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My brokerage firm is asking for money back from a 401k distribution from 4 years ago They are asking on behalf of an old Employer that states there was an error made and that I now owe them money back. That 401k has since been rolled over to something else. Since the market nosedive, are they entitled to the full amount they say they want back or are there market fluctuations that they must abide by this request? Does the brokerage firm have the right to take it or will they just sue me for it? |
Answer 1/2 - Submitted 4/16/2009
If what you received was money you were not entitled to .. then you do owe it back to them.
If it was money the employer placed in the account and you were not fully vested, etc.. then the market flucuation will not matter, it is the amount you received and should not have.-- If the account is no longer there, they cannot just take, but can sue you for it.
Answer 2/2 - Submitted 11/23/2009
Identity theft transpired on a participant in a 401k plan. The funds were distributed along with federal tax being withheld. The banking institution made good on the check that was cashed since it was identified as a forgery. In regards to the tax that was withheld in 2008, how do you retrieve the funds from the government that was withheld due to the fraudulant activity?
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