2006-10-05 11:27:13 · 8 answers · asked by jason s 1 in Business & Finance ➔ Investing
NO...
2006-10-05 11:33:47 · answer #1 · answered by Wannabe007 2 · 0⤊ 0⤋
HIGHLY UNLIKELY !!
But check your contract for the 401K if you find where it says you will have a deduction from pay each month and a contribution to the 401k each month, you now know they are using your money for 4 months to make more money when YOU could be making that money !
Hit this head on !!!! RIGHT NOW !
2006-10-05 11:34:46 · answer #2 · answered by Kitty 6 · 0⤊ 0⤋
in simple terms because your employer employer is ultimate, isn't any reason to make a stupid monetary determination. you want to take your retirerement nest eg that you worked confusing to maintain, and pull it out an pay taxes plus a 10% penalty on it?!?! Why might want to you do this? What does your employer employer ultimate ought to do with it? you understand you could flow that funds into yet another IRA, suitable? i'd not in any respect not in any respect propose doing this till you're in dire straits, dealing with imediate foreclosures, and performance easily no different determination. Taking funds out of a 401(ok) and paying the penalty is a huge monetary mistake. you'll finally end up getting about 1/2 of your stability after the taxes and consequences.
2016-12-04 07:47:31 · answer #3 · answered by mento 4 · 0⤊ 0⤋
Survey says......... it very legal. As long as they put the money in the account , you have no argument. Check your information to see how long it takes a employee to become fully vested with the company. Also befor e you make a big argument, just check with the human resources of the company to see why it is taking so long.
2006-10-06 01:57:55 · answer #4 · answered by lamar36116 2 · 0⤊ 0⤋
No, that's illegal. You complain to the U.S. Department of Labor, not a local labor board.
401(k) plans are governed by ERISA, which is a federal law. The IRS and DOL are in charge of oversight.
2006-10-05 11:54:00 · answer #5 · answered by Jim H 3 · 0⤊ 0⤋
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2006-10-05 15:51:12 · answer #6 · answered by stock.trade 1 · 0⤊ 0⤋
Hell no that's not legal!!!! I'd call your local labor board or something similar.
2006-10-05 11:34:17 · answer #7 · answered by WiserAngel 6 · 0⤊ 0⤋
sounds illegal to me, they get to keep 4 months of your interest.
2006-10-05 11:35:40 · answer #8 · answered by ? 6 · 1⤊ 0⤋