QUESTION

Do I have any legal rights to rollover the money that is existing in my 401k to an IRA? How?

Asked on Aug 14th, 2015 on Labor and Employment - North Carolina
More details to this question:
I recently quit my job and I have a 401k with the former employer. I am 100% vested and trying to roll the 401k over to an IRA. The employer and third party administrator are saying I cannot have access to the money until the employer files there taxes. That could be in April or they said if the file an extension it could run to October. I have spoken to my financial adviser and my accountant and they both believe I should have immediate access to the money in the 401k but they both say I would need to wait for the 3% company contribution from 2012. Do I have any legal rights to roll over the money that is existing in my 401k to an IRA, or do I need to wait until the employer files taxes and sends the third party administrator a letter of severance and makes the final contribution before I am allowed to roll it over?
Report Abuse

2 ANSWERS

If you already have an opinion from financial adviser and my accountant, and they both believe I should have immediate access to the money, I wonder why you want an opinion from a mere lawyer. I do not practice law in this area. I think you do have a right to immediate access to the money but it sounds like if you wait a bit, you will get more. You should not follow my advice. I do not practice in this area.
Answered on Aug 14th, 2015 at 3:50 PM

Report Abuse
You should contact a financial planner.
Answered on Aug 14th, 2015 at 2:54 PM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters