so i get a notice in the mail requesting aproval for a 6,000$ withdrawl on my 401K. im like WTF? callem up and they said my previous employer withdrew thier contribution. is this legal? can somone shed sum light on this for me? im using fildelity btw. grrrrrrrr

 

depends on the type of 401k you signed up for and the companys rules. did you get fired and they pulled out their contributions ??? need more details, send me a pm if you like

 

will send pm thnx

 

depending on how the 401k is structured, you may have to work either a certain amount of hours or years to become vested, especially if the company matches your contributions, my son lost about 3 k of matching funds when he left his company, then when he came back they would match his previous contributions and count all his time if he would reinvest in the 401k, actually my 401k is now been converted to a 201k plan, thanks to the last years stock and bank debacle

 

I got an appraisal on my house a few months ago, and apparently what was desk appraised a few years ago at 201,000 is now only worth 138,000, that about 10,000 less than we owe. they told me that if I could come up with 30,000 they could loan me 20,000. WHAT THE!!!!!!!!!!!!!!!! I told the guy that if I had 30,000 I wouldn't be talking to him. This is messed up. Sorry man I know what is happening to all of us is not cool, but we just have to ride it our and hope we still have a job and a place to live in the years to come.

 

bad enough social security will be gone by the time im 65, but now my 401k.