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I recently quit my job (10/2020) and have a 401k with a 3% non elective safe harbor. Usually, my employer would make the entire 3% contribution mid February the following year (a 1% match contribution was made on a monthly basis). My question is: If I were to make a cash withdrawal of all my vested funds prior to receiving the 3% SHNEC, what happens? Does my former employer open a new/ reopen my old 401k account to deposit the funds? Do I receive a check? Do I get nothing? I don’t think I’m going to have to do this, but I am curious. Below is some additional information. Thanks for the help! -I am not a HCE -I am only expecting about $2000 from the safe harbor -I am only 30 years old -I worked 1,500+ hours this year before resigning -
I have a 401k account that was setup thru a divorce QDRO order. I have been making periodic minor partial withdraws from this account for close to 4 years. However the latest request for partial distribution was denied. The plan provider is now claiming that the plan does not allow for partial distributions and they claim that the previous withdraws over the last few years have been an "oversight" on their part. They stated that this "plan rule" can be found in the Summary Plan Description ( which I promptly download from them ) and it DOES NOT spell out any rules regarding partial withdraws for plan participants. I was polite and I asked them to point out exactly where the rule was...but they could not. They then claimed that it is forbidden according to the adoption agreement with the plan administrator and they are legally bound to abide by it. My question is do I have any recourse action I can take ?
