If my son’s previous employer refuses to release his 401K money, do we have any recourse?
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If my son’s previous employer refuses to release his 401K money, do we have any recourse?
They laid him off 4 months ago and have not signed a release statement that he is no longer employed there.
Asked on April 16, 2012 under Employment Labor Law, Wisconsin
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Sometimes under an employer's 401 k plan there are set dates for the release of money under the plan. Meaning, some 401 k plans do not allow the release on monies at any time of the year. The release has to coincide with a set date under most plans. In order to ascertain when, I suggest that your son consult with the administrator of the plan after he carefully reads the terms of the plan and distribution dates.
If your son was laid off 4 months ago from work, hopefully he has made an unemployment claim.
If your son has further questions regarding his 401 k plan, I suggest he consult with his nearest department of labor about it in that this entity is in charge of overseeing such employer plans in all states in this country.
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