by thewrights94 » Wed Jun 22, 2011 01:37 pm
I just received a benefits statement from my former employeer stating that I was 100% vested after three years ( I was there for almost 4) and that my plan was around $2500. However, as I understood from former co-workers, I could not ask for a cash pay-out unless I had been there for 5 years. Is this true and legal since I was 100% vested? Since it apparently is continuing to build, do I have any recourse to get this money?
Posted: Wed Jun 22, 2011 02:15 pm Post Subject:
First... not an auto question... second not an insurance question... third, what type of plan is this? You never mention that.
If it's a 401k, any money in there is your money. If you are 100% vested then you get your money and the company matched money.
My advice... roll the money over into your own 401k plan so you don't pay the 10% penalty and taxes on it. You can have it transfered (better) or withdraw it and put it into an eligible plan within 60 days (which means that you might need to show that this was done).
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