AboutShirley McAllister, CPP, PHR Expertise I can answer payroll questions, payroll tax questions, 401K questions. No stock option questions please and I have some knowledge of other pensions but am most familiar with the 401K pension.
I can answer U.S.and Canada payroll questions proficiently and have a good general knowledge of UK and South Africa and some knowledge of Australia and New Zealand Payroll procedures.
Please do not ask me homework questions I do not have time to answer them.
Experience 25 years with an international company in the Human Resources, Payroll and Payroll Tax areas.
Organizations SHRM, APA, I.O.M.A.
Publications I.O.M.A. and BNA
Education/Credentials P.H.R., C.P.P., Canadian Payroll Administrator, Successfully passed APA class on UK Payroll Administration.
Boise State University Human Resource Certification
Awards and Honors APA Hotline Citation of Merit for last 8 years.
Question My wife was terminated from a job 12/31/08 she had a 401k balance partially 100% vested. The administrators of the plan will not allow her to withdraw (with penalties) all or part of this money. I do not understand how they can do this could you please explain.
Thanks
Answer If your wife is terminated she should be allowed to take a lump sum payout of her 401K with penalties or roll the money over to an IRA account at a bank where she can make withdrawals with penalties. If they will not allow her to make a withdrawal than have her go to a bank and get the amounts transferred to an individual IRA retirement account.
