QUESTION
If I ask him to get this money so that I could transfer it to a personal IRA, could he then take it away from me, legally?? What should I do then??
Asked on Dec 09th, 2013 on Labor and Employment - New York
More details to this question:
I'm the only employee in my office. Working 20 years there. Boss retiring in april 2014, and moving to china. My boss contributed (not from my salary) to a pension for me. He moved this money several different times to different financial institutions. The latest financial institution statement in which the retirement money is now is designated (ownership) "my boss trustee psp for the benefit of me". If I ask him to get this money so that I could transfer it to a personal IRA, could he then take it away from me, legally?? What should I do then??
1 ANSWER
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Once your employer closes up shop, he willhave to terminate the pension and give you the opportunity to either roll over into an existing IRA or create a new IRA for your benefit. Rather than speculate on what hasn't happened, why not ask him when and how he will do the above?
Gerry Wendrovsky, Esq.- Upper West Side Employment Lawyer
www.upperwestsidelawyer.com
Answered on Dec 10th, 2013 at 3:44 PM