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Asked 12/29/2009
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Why does my ex-employer have to sign for me to withdrawl my 401k? I have worked for a Dental Practice for 2 doctors for the past 10 years. One of them is going to retire next week. I was recently terminated. I have not recieved an explanation yet as to why. I had a 401k with my ex-employer for the whole time. I called to withdrawl my funds from this 401k only to find that my ex-employer has to sign a release document. Why does he have to sign a release and what if he chooses not to? |
Answer 1/1 - Submitted 1/21/2010
Technically, it is your money but it is in the employers plan.. they do have to notify the administrator of your termination date, which often takes employers weeks, even months to get done. The administrator has to follow the plan document, and if the document states that the employer must sign off, then they must. They cannot "Choose" not to..for very long anyway. Most likely they are awaiting a ternmination date.. call the old employer and hassle them until they comply.. they are in no hurry to cooperate in most cases.
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