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Asked 3/3/2011
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I had a 401k account with Excel Logistics I had a 401k account with this company approximately 3 to 4 years. I was terminated unlawfully. I never pursued my 401k balance. Until I had several financial hardships. |
Answer 2/2 - Submitted 3/3/2011
You never have to leave your 401k balance with your former employer, for any reason.
Just remember, if you choose to take a an early disbursement you'll have to pay income tax along with a 10% penalty, unless you're rolling the balance into another qualified plan.
And yes, what exactly is your question? What most people consider a hardship may not match what the IRS considers a hardship for waiving the penalty portion, and the income tax is never waived.
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