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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 118286
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I left my employer around the end of April and have been

Customer Question

I left my employer around the end of April and have been trying to gain access to the money I have in my 401k I was told I will not be able to access these funds until after September 30, In the present time I am about to have my auto reposesed this money would help me stay on top of my auto payments and other bills. Is there anything I can do?
Submitted: 2 years ago.
Category: Legal
Expert:  Law Educator, Esq. replied 2 years 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.
Each retirement plan has their own rules for cashing out and they are governed by their plan description in accordance with the Employee's Retirement Income Security Act. If your plan description states that their period for withdrawals is not until September, then as a member of that plan you are bound by the plan description by ERISA and there is no way for you to get around that. At this point, even if the plan has a clause providing for emergency withdrawals, if you file now, you will still take about 4 weeks for them to make a determination if you meet their emergency withdrawal criteria.
Legally though, ERISA allows them to set withdrawal terms in their plan description and if your plan description says you have to wait, you and the plan have no choice but to do so as the plan cannot breach or violate the plan description.