How long can a former employer hold your 401k?

Asked over 2 years ago - Fort Pierce, FL

Will a worker compensation case hold up your 401k at your former employer ? Can the former employer stop you from getting your 401k?

Attorney answers (1)

  1. Benjamin Harris Yormak

    Pro

    Contributor Level 10

    Answered . From the Department of Labor: Generally, the law requires plans to pay retirement benefits no later than the time a participant reaches normal retirement age. But, many plans, including 401(k) plans, provide for earlier payments under certain circumstances. For example, a plan's rules may provide that participants in a 401(k) plan would receive payment of his or her benefits after terminating employment. The plan's SPD or Summary Plan Description should set forth the plan’s rules for obtaining the distribution as well as the timing of distribution after termination of employment.

    I suspect the precise answer to your question will be answered by obtaining a copy of the Summary Plan description, which the employer must provide to you under federal law (ERISA).

    This is general information only and does not constitute legal advice, nor does this communication in any way... more

Related Topics

Retirement benefits and ERISA

ERISA is a federal act that protects employee retirement funds and pension plans in private industry, establishing minimum standards for operation and payments.

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