If I applied and was approved for unemployment but after receiving q payment I received my 401k lump distribution, how does this affect my unemployment?
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If I applied and was approved for unemployment but after receiving q payment I received my 401k lump distribution, how does this affect my unemployment?
Asked on August 30, 2012 under Employment Labor Law, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
How 401K distribution affects your unemployment differs from state to state and I would read the unemployment booklet from yoor state and speak with you 401K manager. In some states - such as Colorodo - it would indeed affect the benefit because under their state law you can not take a distribution for one whole year while receiving unemployment benefits. A good way to figure it out is to review the questions that are asked each week when you certify for benefits. And call unemployment as well. Good luck.
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