Expert: Allen - 3/9/2009

Question
My job was recently done away with.  I have asked for paper work to get my 401k monies and my employer said I cant do anything with my retirement for 6 months.  Is this legal? Can they prevent me from getting my 401k retirement fund for 6 months?

Answer
Your former employer may be correct. Some plans allow for immediate distribution. Others say it will not occur until some period after termination of employment. The answer depends on the wording in your plan.
Sometime ago you should have received a Summary Paln Description which contains many of the rules for your plan. If you can't locate your copy, ask the Plan Administrator for another one.