Legal

Ask a Lawyer and Get Answers to Your Legal Questions

Ask a Lawyer,
Get an Answer ASAP!

Legal
This answer was rated:

Im enrolled in a profit sharing plan at my job in Georgia

I'm enrolled in a profit...
I'm enrolled in a profit sharing plan at my job in Georgia where I've worked 20 years. I am considering resigning because of a hostile work environment this past year that is causing me too much stress and effecting my health. My employer deposits the profit share into a Merrill Lynch IRA account for me once a year. When I resign I need some of the money by the end of the year. I don't see anything in the client enrollment documentation that says I have to wait a certain amount of time to get a payout from my IRA.

The person that has been giving me trouble at work is the same person who is the office manager and responsible for payroll and notifying Merrill Lynch that I no longer work there. Does the company have to notify Merrill Lynch within a certain amount of time or can they take as long as they want and delay my request for payout?
Show More
Show Less
Ask Your Own Legal Question
Answered in 12 minutes by:
10/5/2013
Law Educator, Esq.
Category: Legal
Satisfied Customers: 119,441
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

First of all, if you are vested in the plan, you cannot collect or make a withdrawal from the IRA without substantial IRS penalty until you actually qualify for collecting under the plan terms. Second, a vested employee cannot just take money from a profit sharing IRA retirement plan when they quit, they have to actually be qualified under the terms of that plan to collect under the terms of the plan and in that case you can only collect as the plan description provides.

Thus, as you are vested, you cannot just withdraw from the plan and you need to check the plan description about early withdrawal which can have a tax penalty of up to 40%, so it might not even be a wise decision to take the money even if you can get it out.




I truly aim to please you as a customer, but please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. Please consider that I am answering the question or question that is posed in your posting based upon my reading of your post and sometimes misunderstandings can occur. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered.

Kindly remember the ONLY WAY experts receive any credit at all for spending time with customers is if you click on OK, GOOD or EXCELLENT SERVICE even though you have made a deposit or are a subscription customer. YOU MUST COMPLETE THE RATING FOR THE EXPERT TO RECEIVE ANY CREDIT, if not the site keeps your money on deposit.

Also remember, sometimes the law does not support what we want it to support, but that is not the fault of the person answering the question, so please be courteous.

This is NOT the practice of law nor is it legal advice to you, it is merely educational information for you to use to seek out a licensed attorney in your state to get actual legal advice from them. Please use sites such as http://www.martindale.com or http://www.lexmundi.com or http://www.hg.org to find a local attorney to get actual legal advice in all matters.
Ask Your Own Legal Question
Customer reply replied 4 years ago

Thank you. However, my question wasn't answered. I understand about the penalties and that's okay as I would roll over the greater portion. Nothing in my paperwork (Enrollment Documentation For Individual and Joint Clients) says there is a waiting period for me to get the money.


 


My original questions follows -


 


"The person that has been giving me trouble at work is the same person who is the office manager and responsible for payroll and notifying Merrill Lynch that I no longer work there. Does the company have to notify Merrill Lynch within a certain amount of time or can they take as long as they want and delay my request for payout?"

Thank you for your response.

The answer is that unless your plan description states you can make an early withdrawal you cannot do so. However, if the plan provides for early withdrawal and do not provide for only making withdrawal during limited times of the year, then they have 30 days from when you make the request to make the payment to you.
Law Educator, Esq.
Category: Legal
Satisfied Customers: 119,441
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified
Law Educator, Esq. and 87 other Legal Specialists are ready to help you
Ask your own question now
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 119,441
119,441 Satisfied Customers
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Law Educator, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,218 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,218 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

119,441 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

287 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
We have an employee that was injured at work last October
We have an employee that was injured at work last October and has been out ever since...receiving Workers Compensation benefits. We have continued her medical and dental benefits the past year, but no… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,853 satisfied customers
Can employers garnish wages for an employee mistake? Kansas.
Can employers garnish wages for an employee mistake? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,853 satisfied customers
WE have discovered that an employee has been using the
WE have discovered that an employee has been using the company credit card for unauthorized fuel purchases since April 2017. Totaling over $1,100. He was terminated today and he was arrested by local … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
34,597 satisfied customers
Does the employee need to initiate a request for FMLA when
Does the employee need to initiate a request for FMLA when the employer has clear knowledge of a serious health condition and has tied performance to it?… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,853 satisfied customers
Are employee laws the same for non profit the same as
are employee laws the same for non profit the same as profit … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,853 satisfied customers
My son is an employee of a Massachusetts multi-billion $
My son is an employee of a Massachusetts multi-billion $ company. He is a favored employee and has survived 3 layoffs. However he has been there 4 years and has not been able to advance because of the… read more
Damien Bosco
Damien Bosco
2,978 satisfied customers
Regarding an employer employee agreement in WA, is it
Regarding an employer employee agreement in WA , is it possible that a no re-hire clause in an agreement is unlawful considered a restraint of Trade? See: (1.) https://www.natlawreview.com/article/no-… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,853 satisfied customers
There is an Employee Code of Conduct for all public
There is an Employee Code of Conduct for all public employees at a university. Additional code or rules usually exist for specific categories of employees, such as supervisors. An example of such rule… read more
Pedagogical Esq.
Pedagogical Esq.
Juris Doctorate
1 satisfied customers
I am an employee at a day care center who an employee took
I am an employee at a day care center who an employee took out a loan using the center as a co signer the payments got behind and the person failed to notify the center and now the loaner has frozen t… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,853 satisfied customers
I'm a professional employee in the state of California. I
Hi! I'm a professional employee in the state of California. I signed an employment contract that states my bonus is earned Jan 1 - Dec 31st but I need to stay employed with the company until March 1st… read more
Damien Bosco
Damien Bosco
2,978 satisfied customers
My son in law is an NDOT employee and lives in a state
My son in law is an NDOT employee and lives in a state residence. He was told this week that a construction supervisor wants to and has ordered the rekeying of all state residences to a universal mast… read more
SHARMA D.
SHARMA D.
Advocate-on-Record, Supreme Court of Ind
Master's Degree
20 satisfied customers
An individual who was working as a W2 employee as a FL
An individual who was working as a W2 employee as a FL employee, but was living in Panama (the country) recently got into an argument with an individual who was working on behalf of a staffing agency … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,853 satisfied customers
I received an interrogatory for a terminated employee. The
I received an interrogatory for a terminated employee. The interrogatory does not request a termination date however the attorney called to ask for the date of termination. Do I release the informatio… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,853 satisfied customers
Sorry I type slow. Is it illegal for employees to date their
Sorry I type slow. Is it illegal for employees to date their one customers? … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
27,437 satisfied customers
If an employee begins working for a few days, then the
Hi! If an employee begins working for a few days, then the background comes back failed due to a reason that doesn't qualify him/her hire-able, are they protected under ban the box because they have a… read more
KJL LAW
KJL LAW
Juris Doctorate
1,616 satisfied customers
Is it legal to be both an employee and a contractor for the
Is it legal to be both an employee and a contractor for the same business owner? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,853 satisfied customers
Is it ok to deduct from a salaried employee's pay if they
Is it ok to deduct from a salaried employee's pay if they take the day off and don't have any accrued PTO remaining? Or are we required to "borrow" PTO against future accruals?… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,853 satisfied customers
What is the law for an employee to work as 1099 employee.
What is the law for an employee to work as 1099 employee. What needs to be done to work as a 1099 employee.… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,853 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x