QUESTION
Can I sue my employer for blocking my access to my 401k?
Asked on Mar 02nd, 2014 on Employment Contracts - Texas
More details to this question:
My division was sold to another company and I rolled my pension to an IRA. Years later I rejoined my old company with agreement that I have a 401k. After 7 years they notified me that I should not have ever been allowed access to a 401k since I rolled over a pension. They now blocked access to my contributory plan stating I can longer get matching funds or contribute my own money. This results in about a10% pay reduction.
1 ANSWER
Wills and Estate Planning Attorney serving Sugar Land, TX
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Law Offices of Kimberly D. Moss, PLLC
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Your rights in your 401k are determined by the employment contract you entered into with your employer. If you do not have it, the HR department at your company should have a copy of it for you to review. If they have in fact stipulated that you are entitled to a 401k in that contract and have changed their mind, that is breach of contract, but the negotiations concerning this matter likely needed to be had before you formally rejoined the company.
Answered on Mar 07th, 2014 at 11:18 AM