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Question
I work at a private little hospital and I have contributed to my 401k for 10 years, if the hospital closes or it is sold or any thing happen to it. Can I loose my money in any way?
Submitted: 661 days and 23 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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Accepted Answer
Hello,
Assuming your 401(k) plan is being operated according to IRS regulations, you are protected.
A company run 401(k) is managed by an independent financial advisor, such as a bank or a brokerage house. The money is kept separate from the employer. You have a vested property interest in that money. It does not belong to the employer.
If your company went bankrupt, was bought out, or anything else, that would in no way affect your property interest in the money. If the company was no longer managing the money for you, you would probably have to roll it over into an IRA.
The way you could lose money in your 401(k) is if the investments that the money is invested in do poorly or fail.
I hope this helps!
Expert:
Guru_Guy
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100.0 %
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Answered:
1/30/2008
Lawyer (JD)
I am a lawyer who understands tax law and finance.
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