Can employer take his 401k fees from my account?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can employer take his 401k fees from my account?
I left his employ over a year ago, he is likely going bankrupt. To allow me to transfer my 401 he had to pay $2600 in fees he owed, so he had them taken from my account.
Asked on November 29, 2012 under Employment Labor Law, Arizona
Answers:
Anne Brady / Law Office of Anne Brady
Answered 12 years ago | Contributor
This sounds illegal to me. You should speak to the company that managed the IRA about this and whether that was a correct source of those funds. If not, you should consider suing him. You can sue for up to $2500 of that in small claims court in Arizona. No attorneys.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.