Good afternoon: i work at a company and have money in a 401K plan, as i havent had a pay raise in 11 years, i requested that they close my 4...

Question

Good afternoon:

i work at a company and have money in a 401K plan, as i havent had a pay raise in 11 years, i requested that they close my 401K,i would like to use it to pay off some bills, iam being told that they cant do that, the company dosent contribute to it the money is mine

Answer

Dear Sir or Madam,

Your 401(k) has plan documents, which state that certain things that are allowed or not allowed. I doubt that they are entitled to keep your money. There may be a vesting schedule for company contributions. Perhaps they think that you are taking out a loan. Where are the assets held? Perhaps you should be dealing with the plan sponsor and not the employer.

Regards,

Andrew May

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