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    celena h's Avatar
    celena h Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 26, 2008, 09:06 AM
    Former employer wontlet me cashout 401k
    My former employer is telling me that I have to wait a year to cash out my 401k. What leverage can I use to expedite their activities relative to getting my money?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Apr 26, 2008, 10:50 AM
    Talk to the plan administor, ot the former work place.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Apr 28, 2008, 08:02 AM
    Did they give a reason for the year delay? How long were you employed and contributing to this 401(k), and what is the plan invested in?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Apr 28, 2008, 08:05 AM
    Plans have a fairly wide latitude in customizing paln provisions but still staying within the law. You need to talk to the plan admin and get a reason that is backed up by the plan's rules.

    But why do you want to cash out? Why not roll it over into an IRA or a new plan?
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