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Client Changes Mind After Making Contributions, Doesn't Want 401(k) After All
BenefitsLink Message BoardsLink to more items from this source
Aug. 6, 2021

"A client's advisor convinced her to start a 401k plan. She made 2 contributions to it then decided that she didn't want it. I tried to tell her that it will now have to go through the termination process but she's demanding that her contributions be returned to her. Am I wrong? Won't she get taxed and penalized on her such a 'refund'? Or is there another way?"

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