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In Reply to: funds withdrawal posted by Rebecca on September 28, 2001 at 06:17:52:
: My daughter was recently suspended from her job when she failed a lie detector test involving a robbery at the store where she worked. She has since been cleared when the robbers were apprehended. In the meantime she was hired at another place and will not go back to the original job. She asked to be able to withdraw funds from her keoh and was told that she was still listed as being on leave and that only way she could draw the money out would be for her to officially quit. This is a matter of principle and she does not want to be listed as quitting. Can anyone advise her how to withdraw her funds?
The only way you can withdraw funds from a company sponsored retirement plan is if the plan isd a 401(k) and if the plan has a hardship provsion in the plan document. If it is not a 401(k) and does not have a hardship provision then the only way to release the funds is ot seperate from employment and rollover the plan to an IRA and then withdraw the funds and expose yourself to income tax and a 10% penalty.
BTB Keogh plans are no longer written and that is an outdated terminology.