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Asked 1/16/2010
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If the company I work for is being closed am I automatically vested in the 401K program? A worked for a company in the past that was purchased by a larger competitor and closed. The 401K funds were transferred to the new owners 401K program but I did not relocate to the new company location. I let my proceeds stay in the new program but have thought about transferring them. Because I was not with the company for the 7 years required for full vesting they still show me as only partially vested. I was once told by a 401K administrator at another company that I should have been fully vested when they closed the company I worked for. Can you provide any information on where I can find information on the laws that govern this type of situation. |
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