Legal Question in Investment Law in Illinois
Good afternoon:
i work at a company and have money in a 401K plan, as i havent had a pay raise in 11 years, i requested that they close my 401K,i would like to use it to pay off some bills, iam being told that they cant do that, the company dosent contribute to it the money is mine
Asked on 8/14/12, 10:54 am
1 Answer from Attorneys
Andrew May
May Law, PC
Dear Sir or Madam,
Your 401(k) has plan documents, which state that certain things that are allowed or not allowed. I doubt that they are entitled to keep your money. There may be a vesting schedule for company contributions. Perhaps they think that you are taking out a loan. Where are the assets held? Perhaps you should be dealing with the plan sponsor and not the employer.
Regards,
Andrew May
(847) 675-1052
Answered on 8/14/12, 3:28 pm
Related Questions & Answers
-
I requested to buy a stock about 4 minutes prior to the close of the stock market. I... Asked 11/11/11, 12:15 pm in United States Illinois Investment Law
-
If I have assets that require me to add an umbrella policy, how much should I... Asked 5/26/11, 2:49 pm in United States Illinois Investment Law
-
My futures broker provided an undocumented, unauthorized and illegal $ 130,000... Asked 2/21/11, 2:21 pm in United States Illinois Investment Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
