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  • 401k California

    My company in California has filed chapter11 in Delaware we were told we can with draw or roll over our 401k on our last day of work i have tried to do this several times was given date of 11-30 then 12-15 then 4-15-2009.I thought this was a secured account and i would be able to get this out or roll it over at any time,or should this be put into the claim with my unpaid vacation back to court and company attorney.
    Last edited by cbg; 12-29-2008, 04:57 AM.

  • #2
    401k

    Originally posted by windrider View Post
    My company in California has filed chapter11 in Delaware we were told we can with draw or roll over our 401k on our last day of work i have tried to do this several times was given date of 11-30 then 12-15 then 4-15-2009.I thought this was a secured account and i would be able to get this out or roll it over at any time,or should this be put into the claim with my unpaid vacation back to court and company attorney.
    I don't know why those things are happening to you, but you might try contacting your district attorney in your area and let him know. And another thing in some states you can take out all your 401k and buy a piece of land, hold on to it for a year and then you can sell it and only pay taxes on what you made (buy it for whatever you had in 401k, let's say 100,000.00 and sold it for 120,000.00 and you pay taxes on 20,000). That's one of the loop holes in 401k. I need a lawyer and I can't find one that will help me. The days of ambulance chasers are gone, but I do have a serious case. Best of luck.
    Last edited by cbg; 12-29-2008, 04:57 AM.

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    • #3
      I would be very interested in seeing a link to the law that provides this "loophole".
      The above answer, whatever it is, assumes that no legally binding and enforceable contract or CBA says otherwise. If it does, then the terms of the contract or CBA apply.

      Comment


      • #4
        loophole

        I think if you talk to who you ever have 401k with they could tell you or you could call a lawyer and ask them.

        Comment


        • #5
          Originally posted by silkwood View Post
          I think if you talk to who you ever have 401k with they could tell you or you could call a lawyer and ask them.
          And why would we want to do that? You're the one who made the claim that this was a "legal loophole".
          I don't respond to Private Messages unless the moderator specifically refers you to me for that purpose. Thank you.

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          • #6
            loophole

            I told you who to call, I don't have to hold your hand too. Some of you have treated me pretty nasty and that's why I talked back to you in certain ways. I am telling the person who wrote the thread what to do. And last night is the first time I saw the spam that was coming in, december 28th, 2008.

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            • #7
              Silkwood, you make up answers that have no actual basis in fact. Like you just did. Then you get upset and claim that people are being "nasty" to you because they will not let you give false information to the posters. You might notice that people who give real answers give actual references to cites supporting their positions.

              At the risk of stating the very obvious, the 401(k) plans can be found in the specific 401(k) plan document for the company. All companies are legally required to follow the rules as spelled out in their plan document. If the "rule" is not there, it does not exist.
              http://www.irs.gov/retirement/articl...119612,00.html
              http://www.dol.gov/ebsa/publications/wyskapr.html
              "Reality is that which, when you stop believing in it, doesn't go away".
              Philip K. **** (1928-1982)

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              • #8
                Okay, Silkwood, I'll make it as clear as I can.

                You are wrong. There is no such loophole for 401k's. Perhaps that is why you are not finding a lawyer to handle your transaction.
                The above answer, whatever it is, assumes that no legally binding and enforceable contract or CBA says otherwise. If it does, then the terms of the contract or CBA apply.

                Comment


                • #9
                  supermoderator

                  Originally posted by cbg View Post
                  Okay, Silkwood, I'll make it as clear as I can.

                  You are wrong. There is no such loophole for 401k's. Perhaps that is why you are not finding a lawyer to handle your transaction.
                  No, I am not wrong. Apparently I met the right people on this one, only wish I had a 401k. I will never steer a person on some false hope, I hate liars. Now I realize why I had gotten turned down by the eeoc. That's why I get so mad at some of you, you are not going through these things and we are.

                  Comment


                  • #10
                    If you are not wrong, then you should be able to show us the link to the law that states that you can withdraw your entire 401k to buy land with.

                    There are very limited reasons why you can make a withdrawal from a 401k while you are still employed. The purchase of a primary residence is one. To buy land is not. This is coded into law and is included in the 401k statute. Once you are no longer employed, you can withdraw the monies and use it for anything you want, but unless it is rolled over into another qualified plan such as another 401k or an IRA, you WILL be paying taxes on it and you WILL be paying a penalty on the money.
                    The above answer, whatever it is, assumes that no legally binding and enforceable contract or CBA says otherwise. If it does, then the terms of the contract or CBA apply.

                    Comment


                    • #11
                      ?

                      I did not ask this person for the link to this situation. But sweetheart it's true. See we were talking about very important issues and this came up. When you have to be your own lawyer since one dosen't want to seem to help you, you end up coming accross some important information. Sorry I couldn't lead you to a link.
                      Last edited by silkwood; 12-29-2008, 07:37 AM. Reason: word

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                      • #12
                        We're sorry as well.

                        OP, I suggest you take this previous "advice" with the legitimacy it deserves.
                        I don't respond to Private Messages unless the moderator specifically refers you to me for that purpose. Thank you.

                        Comment


                        • #13
                          The laws are all available at irs.gov, but this article on About.com summarizes the facts:http://beginnersinvest.about.com/od/...a122104a_2.htm


                          It's a 4 page article. Page 2 explains what you can do with 401(k) funds when you leave a job.

                          Here's the best statement:
                          "cashing out a 401k when leaving jobs is the single most stupid decision a working individual can make"

                          Page 3 explains the requirements for 401(k) loans, hardship withdrawals and non-hardship withdrawals that don't incur a penalty. None of these includes buying land and reselling it.

                          But aside from all of the confusion caused by silkwood, I think what the poster was really asking is: what is the deadline, if any, for the former employer to provide the ex-employee with the opportunity to rollover the 401(k)? Can he skip dealing with the former employer and just go right to the retirement fund company? He's also asking if he should include this problem in a wage claim for unused vacation time.

                          Comment


                          • #14
                            Include WHAT problem with the wage claim? I'm confused about what the question really is.
                            I don't respond to Private Messages unless the moderator specifically refers you to me for that purpose. Thank you.

                            Comment


                            • #15
                              I can understand english

                              Originally posted by TSCompliance View Post
                              The laws are all available at irs.gov, but this article on About.com summarizes the facts:http://beginnersinvest.about.com/od/...a122104a_2.htm


                              It's a 4 page article. Page 2 explains what you can do with 401(k) funds when you leave a job.

                              Here's the best statement:
                              "cashing out a 401k when leaving jobs is the single most stupid decision a working individual can make"

                              Page 3 explains the requirements for 401(k) loans, hardship withdrawals and non-hardship withdrawals that don't incur a penalty. None of these includes buying land and reselling it.

                              But aside from all of the confusion caused by silkwood, I think what the poster was really asking is: what is the deadline, if any, for the former employer to provide the ex-employee with the opportunity to rollover the 401(k)? Can he skip dealing with the former employer and just go right to the retirement fund company? He's also asking if he should include this problem in a wage claim for unused vacation time.
                              I told you someone did it. Now don't sit there and call me a liar. And as far as I am concerned 401k's are good if you want an extra check when you reach retirement, what you don't seem to understand is that some people die before they even get a check and yes it will go to their loved ones but my question is to people is would you rather do things now and save your own money than not being able to get what you want (meaning restrictions). That is my opinion on 401ks. I would rather save my own money, that's just my opinion, it can be good both ways.

                              Comment

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