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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 111686
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I have an (IRAP), individual retirement account plan,

Customer Question

I have an (IRAP), individual retirement account plan, through a union I used to work for. I would like to close the account. Due to the fact that there is not much money in it and they take management fee out every year. My former union has informed that I can not close the account until I leave the industry and just the union. Is the Union correct and how is this legal? Thanks Dennis
Submitted: 13 days ago.
Category: Legal
Expert:  Law Educator, Esq. replied 13 days ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
You need to read the terms of that IRAP, because if it is through the union, then the plan description controls and the union can prevent you from taking the money until you can prove you are no longer in the industry, it is called a union protectionism clause and they are legal and binding on union members.
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