401K Distribution

[stingtime]

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

I was terminated from my emloyment after 4 years with no write ups or reprimands. At the time of my termination I was told "You have a great work ethic and are indeed a very hard worker however I think it is time for you to move on." At the time of termination an office staff of 7 consisted of 5 relatives. I have heard that my references coming from this job are not stellar. I requested the release of my 401K and was told that could not be done until the final numbers were in for the end of the year. According to the set up full vesting would be at 5 years. I have not received my 2007 statement of earnings. At this point I could really use the 401K money to payoff bills from being unemployed. Is there anything I can do to request the money from my most recent statement that being 2006.

 

[cbg]

401k distributions are plan specific. The plan document determines whether or not distribution is immediate, monthly, quarterly, semi-annually or annually. In order to answer your question we would have to know what your specific plan document says, which obviously we do not.

However, there is nothing stopping you from contacting the administrator and asking when distribution can take place.

Remember that if you cash out a 401k, you not only have to pay taxes on it at the end of the year, but you also pay a penalty.