Legal Question in Investment Law in Iowa

i have 13 years vested in an ESOP retirement plan with my previous employer. they called me yesterday and said that my retirement and three other employees retirement would cause a possible collapse of the plan if we all draw out same time. are they being truthful or blowing smoke?


Asked on 5/24/16, 2:15 pm

1 Answer from Attorneys
Stephen Lombardi Lombardi Law Firm

Go to Chas. Schwab and fill out the forms to transfer the balance of your retirement account. FINRA has rules in place to force your employer to simply transfer the money to Schwab. After the transfer whatever you want to do is up to you. If the plan is bankrupt then maybe the bosses need some prison time. Good luck.

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Answered on 5/24/16, 2:41 pm


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