Legal Question in Business Law in Florida
I currently have a 401k program with my company. It is their policy they hold me is that you cannot withdraw monies unless you have a hardship or if you take a loan out.
Is there anyway other than waiting for foreclosure to get some money out of my account so that I can get back on track?
2 Answers from Attorneys
The 401(K) program is goverened by Federal law. Your company should have a program administrator that does not work for your company. Request the program administrator's contact information and contact the program administrator directly. You should have access to your 401(K) money, although you may have to pay a penalty for early withdrawal.
You should contact the program administrator or the company managing the 401(K) for specific information about when you can make an early withdrawal. There are certain situations where you will be able to withdraw funds without incurring a hefty tax penalty, but you will need to contact them for additional information. Regards,
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