get out of union 401k

[thebigred4]

What is the name of your state (only U.S. law)?

 

[OHRoadwarrior]

Ask your BA and read your contract.

 

[thebigred4]

Ask your BA and read your contract.

not sure who my BA is and the 401k is not covered in my contract it is a separate thing offered by my union only things that are mentioned in the actual contract are my health benefits and pension as that is employer paid.

 

[OHRoadwarrior]

Your BA is your union Business Agent, who is the unions rep that is delegated the task of negotiating issues related to your contract on your behalf with your employer. Call your local and ask for him/her.

 

[thebigred4]

This 401k has nothing to do with my employer at all, I was only allowed to sign up for it because I was a union member. I have recently resigned from the union but I still.can't remove my money. I was told I would have to leave my job but again my job has nothing to do with the plan. I am getting nothing but the run around

 

[OHRoadwarrior]

While you are still employed there, you cannot remove contributions made on your behalf by the company. You can remove your contributions.

 

[cbg]

No, you are being told the absolute truth. Whether you are or are not a union member, as long as you are employed by the company who sponsors the 401(k) you cannot take a distribution. That is the law, and it applies regardless of your membership in the union. If the plan document allows you to, you can cease making additional contributions - that is plan specific. You may also, if the plan allows, be able to take a loan (which you will have to repay, with interest) if your need is short term. But when you are told that you would have to leave your job to take a distribution of the whole amount, that is not giving you the run-around; that is telling you what the IRS regulations which control 401(k)s mandate.

 

[thebigred4]

Ok what no one is understanding is my company does NOT sponser this plan, it is not through my employer period it is a union 401k. So this 401k is not in any way shape or form attached to the company I work for. It is sponsored by my culinary union. So if I quit my job and went to another union job it would be the same 401k. So if it is not attached to my job why would I have to leave my job to remove my funds? Oh and there is no match of any kind the money is 100% mine

 

[cbg]

Whether there is a match or not does not change the 401(k) regulations, which are set by Federal law.

I have not read your plan document. That is where the answer is. If you believe the answers you are being given here are incorrect, you are free to read the plan document for yourself to find them.

 

[ShyCat]

Request a copy of the Summary Plan Description (SPD) for the 401(k) plan. Understand that the plan must meet Federal law (ERISA) and cannot violate those regulations. In addition, the plan administrators must follow the plan explicitly. To do otherwise would void the plan. If the plan says you cannot withdraw funds until you reach retirement age, then you cannot withdraw funds until you reach retirement age (as intended for a retirement plan). If there are any exceptions to that, they will be explicitly listed in the plan.