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Asked 7/9/2008
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401K Release Is it legal for an employer to hold your 401K funds after you terminate employment until you have not worked for the company for at least 500 hours in a 12 month period? |
Answer 1/1 - Submitted 1/26/2009
Yes--- each plan has a document, a SPD, that is available to you if you ask for it. It spells out WHEN distributions are allowed.
It would show payable upon termination after a one year break in service --- ( 12 months/500 hrs)
Some plans make the employees wait until the year following termination.. some even 2 years.....
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