View Full Version : Can anyone but me cash out my 401k ?
kasey11
Jun 6, 2011, 05:32 PM
Can anyone other tan myself cash out my 401k?
Fr_Chuck
Jun 6, 2011, 05:48 PM
Who else is named in it, Where are you located,
ScottGem
Jun 6, 2011, 06:54 PM
A 401(k) is held in the name of the employee. While a beneficiary might be named, the only way the beneficiary could get any money from the plan is if you die or there is a court order distributing the plan.
ebaines
Jun 7, 2011, 07:48 AM
To expand on what ScottGem said - an example of such a court order would be a Qualified Domestic Relations Order (QDRO) which the court may issue in divorce proceedings, so that the ex-spouse receives some of the 401(k) assets. It's also possible for the IRS to place a lien against your 401(k), but it's pretty rare.
It would also be possible if you have granted Power of Attorney to someone for that person to take a withdrawal on your behalf.