sageoffools
Junior Member
Hi, I work for a public university in NY. When I started, in addition to the mandatory NYS retirement program, I also signed up for a small optional retirement contribution. This optional contribution is only my money, there is no employee contribution to this account at all.
After about 2 years I realized that I would not be here for very long, so I stopped my optional contribution to this account. Now I would like to withdraw these funds and close this account. (I realize that I will be charged a penalty, as well as the actual taxes on these funds).
The problem that I have is that I contacted the company handling my retirement funds (Fidelity) and they informed me that the university has set up the optional retirement account so that it cannot be withdrawn unless I retire, or terminate my employment.
Do they have legal standing to deny me access to my own money? (I would like to reiterate that they have made no contribution to these funds whatsoever)
After about 2 years I realized that I would not be here for very long, so I stopped my optional contribution to this account. Now I would like to withdraw these funds and close this account. (I realize that I will be charged a penalty, as well as the actual taxes on these funds).
The problem that I have is that I contacted the company handling my retirement funds (Fidelity) and they informed me that the university has set up the optional retirement account so that it cannot be withdrawn unless I retire, or terminate my employment.
Do they have legal standing to deny me access to my own money? (I would like to reiterate that they have made no contribution to these funds whatsoever)