QUESTION
I have been terminated from my revious employer for over a year now. I have tried on several occasions to cash out or rollover my 401K.
Asked on Jun 01st, 2012 on Business Law - New Jersey
More details to this question:
The employer refuses to release these funds stating he has not closed is financial year and will not do so anytime soon. Per the financial advisor employer does not want to pay the "PPA". What legal rights do I have to obtain my 401K?
My employment ended 2/2011.
1 ANSWER
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As a general matter, your interest in a qualified retirement plan must be paid out to you within 60 days after the last day of the plan year in which your employment ended, which, in this case, would be approximately February 29, 2012. You can complain to the U.S. Department of Labor, or you can, probably with greater effect and more expense, engage an attorney to make a formal demand of your employer.
Answered on Jun 02nd, 2012 at 6:48 AM