Ex-employer will not allow 401K withdrawal

superdude111 · #1 Mar 10, 2008, 01:12 PM

Hi,

I quit my job Jan 2008 and my ex-employer says I have to wait one year before I can access my money. Something about a valuation period. Can this be correct? Can I roll it over to a IRA before the year is up?

Thanks,
Frank

ebaines · Mar 13, 2008, 07:56 AM

I've never heard of anything like this - it seems to be a provision in your plan. Ask the plan administrator to cite the section in your plan's documents that doesn't allow you to access your money for a year. What is your 401(k) invested in? I'm wondering if perhaps the investment is in some instrument that has restrictions on frequency of trading?

I should think you could roll the assets to an IRA.



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