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We are in great financial need. I have a retirement account with a previous employer that would go a long way in settling our debt, but the employer states that under no circumstances can I access this fund until I am 55. So I could go bankrupt but have enough money in my retirement account to prevent this from happening. Do I have any legal recourse?
State/Country relating to Question: Ohio Already Tried: Talking with the former employer.
usually these retirement accounts have a needs based exception that permits withdrawl but with a penalty. are you absolutely sure the language of the retirement account agreement does not provide for such an exception?
The employer states that the account will be kept for the employee until he/she elects to receive payment, but in no case earlier than age 55. They justify this by saying that this is really their money they set aside so they can dictate policy. I see no exceptions.
that argument would not hold up in court because the money is really additional compensation earned by virtue of your employment. But be that as it may, that will not solve the problem in the manner needed. you said the employer states, but does the agreement/policy associated with the retirement state this as well?
The statement concerning the 55 rule is in the booklet given me when I joined the company. It is not written in legal language or anything....more of a brochure really.
ok, contact your former employer and request the actual policy governing the retirement account, I suspect there is an economic hardship exception to the 55 years of age requirement.
Attorney
Negotiate, Draft, and Review many complex commercial agreements each year.