Do I have any legal rights to rollover the money that is existing in my 401k to an IRA? Posted on March 03, 2011
I recently quit my job and I have a 401k with the former employer. I am 100% vested and trying to roll the 401k over to an IRA. The employer and third party administrator are saying I cannot have access to the money until the employer files there taxes. That could be in April or they said if the file an extension it could run to October. I have spoke to my financial adviser and my accountant and they both believe I should have immediate access to the money in the 401k but they both say I would need to wait for the 3% company contribution from 2010. Do I have any legal rights to rollover the money that is existing in my 401k to an IRA, or do I need to wait until the employer files taxes and sends the third party administrator a letter of severance and makes the final contribution before I am allowed to roll it over?
Click to View More Answers: