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Lucy, Esq.
Lucy, Esq., Attorney
Category: California Employment Law
Satisfied Customers: 30357
Experience:  Lawyer
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Can a company that is taking over your place at work able to

Customer Question

Can a company that is taking over your place at work able to take your retirement money that you earned?
Submitted: 2 years ago.
Category: California Employment Law
Expert:  Lucy, Esq. replied 2 years ago.
I'm Lucy, and I'd be happy to answer your questions today.
Are you talking about money you've contributed to a 401(k) run by the employer, or a pension plan?
Customer: replied 2 years ago.
403b. Company matches 3 percent if u put in 6 percent. I 've been putting in 14 percent. Been there 15 yrs. Just wondering if I should roll the money over to an I.r.a. The name of the company taking over is life point out of Tennessee. Attorney General is reviewing the take over now.
Expert:  Lucy, Esq. replied 2 years ago.
Thank you.
Monies deposited into a 403(b) belong to you and cannot be taken back when you leave an employer or they are taken over. Even if the new employer decided not to continue offering the plan, the money already in it belongs to you. They can't just take it back.