Retirement Annuity

[renaissancegal]

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

My position was eliminated due to financial burdens of the company.

Now that they have financial hardship so do I!!! They are saying I am not allowed to withdraw or close my annuity until I am vested for 5 years. As far as I've read on the DOL website vesting is only for employer contributions, not employee contributions.

I started the work through a contract agency. Upon the completion of said contract I was hired on. Then unbeknownst to me they started withdrawing a mandatory, non-negotiable $4+ per hour contribution to my retirement annuity which I did not find out about until it was already being done. It was taken out of my hourly wages and paid in by them. I was with the company one year.

The whole thing seemed fishy from the beginning. They took the annuity payments out of holiday hours, vacation hours, even my severance. I would like to access that money but again they are saying I'm not vested. I understand there will likely be penalties and/or tax withheld.

Please advise.

 

[OHRoadwarrior]

You are not vested in the matching contribution however your investment should be accessible.

 

[cbg]

However, it will still be subject to IRS regulations which means access will incur a penalty and taxes.

 

[OHRoadwarrior]

However, it will still be subject to IRS regulations which means access will incur a penalty and taxes.

I didn't feel the need to mention it again since OP already said they were aware of that.

 

[davew128]

What do the terms of the plan say with regards to former employees withdrawing their contributions? There might be an annual time frame window you need to wait for.