Any Lawyers out there 401 k problems?

Question

I am a private contractor hired by an agency to do work for a major corporation. The Corporation owes the agency 77,000. I have not got paid, but will. How can I get my 401k monies regardless. I means I have no money to eat or pay rent. I am working but have not gotten a check, but will. But I can't go to the store and tell them I will get a check soon. Same with landlord. I called them up those taking care of my 401k and they said I can't get monies. I make the contributions, its my money yes? I just want to get it, regardless of penalties. Please let me know if I can some how legaly. Thanks in advance.

jslinderml · Accepted Answer

If your 401K plan does not allow hardship loans or hardship withdrawls, you cannot legally touch the money until retirement age without a huge penalty. Some plans do not allow withdrawals for any reason at all  That's the tradeoff for non-taxed growth and no taxes on the company match, if any.  

If your plan does not offer any loan or withdrawal options, the 401k is not a funding source.

On a different side of the matter, just because your agency has not been paid, that does not mean that they do not have to pay you, unless your contract specifies it.  The law requires them to pay you in a timely manner if you are a salaried or hourly employee.  If you are invoicing them, the terms of the invoice rule and you can charge applicable interest.

? · Answer

i ought to imagine the most she'd be entitled to must be both years truly worth of contributions in the course of the marriage (plus some interest). It truly wasn't a lengthy adequate relationship to be entitled to 0.5. in case your legal professional keeps to "be imprecise" i ought to have a glance at yet another.

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Any Lawyers out there 401 k problems?

2 Answers