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I rolled over a profit sharing plan to an IRA total bond fund

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I rolled over a profit sharing plan to an IRA total bond fund at Vanguard. It was from a previous employer between 1987 to 1999. Two employers later I am now laid off and filed for unemployment for the first time in my life. I also sold about 3,000 shares of the bond fund to cover expenses for a while knowing I could not remain solvent on unemployment. The PA unemployment handbook says that you can not receive pension payments or take portions of lump sum payments when you roll over an IRA from a base year employer. However my IRA is from a profit sharing plan from another employer as stated above. Did I break the rules? I have tried contacting the PA UC people but i refuse to wait the 1+ hours wait they tell you about on the phone.

Hello Harry,

Thanks for choosing! I look forward to helping you with legal information today. By definition, a base-year is the first four of the last five completed calendar quarters before the benefit year of the claim. For example, a claim filed in February 2013 would use October 2011 through September 2012 as the base year. The wages earned during this time determine the claimant's weekly and maximum benefit amount. A base-year employer then, is the employer(s) that a person worked for during the base year of the claim. Because your IRA is from another employer and is not connected with your base-year claim, you did nothing to break the rules.

If you have any further questions, please just let me know. If not, I hope I gave you excellent service today and that your customer service rating will reflect that. Thanks Harry!

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