Ask Experts Questions for FREE Help !
Ask
    terrigirl's Avatar
    terrigirl Posts: 2, Reputation: 1
    New Member
     
    #1

    Feb 23, 2006, 09:51 AM
    401K Benefits
    My husband was laid off from his job due to downsizing in April of 2005. He had been with the company for a little over 4.5 years. We recently received a notification in the mail that the company had taken back all of their matched contributions to his 401K. Is this legal?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
    Expert
     
    #2

    Feb 23, 2006, 12:36 PM
    When the 401 K contract was written and he was employed, he would or shoud have received a copy of the contract. This would have included notification of how long it was before he would be vested. One company I worked with the vesting was 5 years, another it was 10 years. My current company had vesting after one year. What that means you have to work the number of years required to be vested to get the employor portion of the 401K. So if he is discharged or leaves employment prior to the vesting peroid he does not get to receive the employor portoin that was paid in.

    Please refer to your 401 K agreement as to if it had a vesting time frame and what it is if it does.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

US-India treaty benefits in MA state tax? [ 16 Answers ]

Hi A.T.E, Thanks for your advice and time. Let me keep it as straight as possible: 1. Can I claim US-India treaty benefits while filing state taxes in Mass. 2. Can I claim my brother as dependent if I am paying his tuition fee for undergrad education in US? If yes, where do I reflect it in...

Friends with benefits? [ 20 Answers ]

Over the last couple months I have been in a rollercoaster relationship with my ex. After about 6 weeks separated we decided to give it another try and it was barely a week together until she decided she needed more time. We decided to take a break for the summer and see how we felt in a while....

501C3 and recipient benefits [ 5 Answers ]

Ok, here is my situation. I have a friend who needs adaptive equipment in the form of a service dog. The Commission for the blind is not an option because the animal needs to be dual trained as a seizure assist as well, which is not allowed by the organization. Well, a local pastor stepped...

Treaty tax benefits [ 3 Answers ]

This is really a great form. Thanks for answering all my questions. I was reading through some messages and came to know that I did a mistake while filing 2004 year returns. Here is my case: I came to US on H1 in 2003 and stayed for 257 days and filed my 2003 returns as Resident alien. I stayed...

Economics of crime (benefits?) [ 2 Answers ]

Dear Experts, Thanks for your time. I have a theory I'm developing for a chapter in a book I've written. The protagonist rationalizes a murder he is about to commit though cost benefit analysis. Mainly crime and human fault create jobs to a certain degree. Too much crime is never good for...


View more questions Search