They can't. A 401k is your personal property and is not supposed to be cashed in before you are 59-1/2 years of age. It is the same as your own personal savings account.
if i am getting unemployment benefits in florida and take money from my 401k does that disqualify me from unemployment benefits
can you collect unemployment and make withdrawls from a 401k when 591/2 in maine
can you close out your 401k and still receive unemployment benefits
Apparently, the money you put in a 401K Plan and withdrawn would not be deducted from unemployment benefits, but possibly that contributed by the employer may be deducted. It is best to contact the unemployment office and find out for sure. The Related Link below gives more detail. 401K is similar in many respects to pension payments
Some states vary but My understanding is you can IF the amount from the 401k is not larger than your unemployment benefit payment.
Yes. If you're unemployed and otherwise eligible for unemployment payments, a rollover of 401k assets does not change that.
A 401k is crucial for retirement! If you work for a private company or corporation, you want to know that you will have money waiting for you at the end of the day when you finish working. A 401k is sponsored by a company and allows you to have those savings. At the same time it is good for the company because it allows them to not have to pay pensions.
Hello. As long as the funds are still held within the 401k, you are not required to report any taxes on it. Thanks.
sorry but no it is almost impossible
To the extent that your 401k distribution includes Employer contributions, a percentage of the distribution would be used to offset your unemployment benefit. If there are no Employer contributions there would be no effect on your benefits.
A self-employed 401K is worth it as your receive numerous benefits from it, outside of those that you already have with a standard 401K. You can also put into the account a larger contributing sum than you would be able to working at a larger company.
The Plan Administrator for your 401K can be any number of people. It could be the employer, an executive at the company or someone that was hired specifically for that job.