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Old 03-10-2011, 12:50 PM   #1
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Angry Employer close my 401k account without notice

Country: United States of America
State: District of Columbia

My employer close my 401k account without notice and no new information about the new company. Is this legal?
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Old 03-11-2011, 11:51 AM   #2
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Default Re: Employer close my 401k account without notice

No it is normally not legal.

You could consult your nearest Department of Labor office to briefly discuss the issue with them first...you may also want to ask the company to put what is happening in writing and explain to them that you may have attorneys review the situation...try speaking to a higher level of management about the issue.
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Old 03-14-2011, 02:23 AM   #3
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Default Re: Employer close my 401k account without notice

First of all let me remind you that employer employee relations are maintained basically according to the agreement that is entered into between the parties. Generally an employer is bound to provide notice to his/her employees before initiating any kind of actions. Before closing your 401k account your boss has the duty to let you know the reason why he was forced to take such an action and you will be given a fair chance to put your version regarding this. From the facts it seems that your employer had violated the principles of natural justice. You can seek legal advice in this regard.You may also try to find out what is the present position in the labor law in your state regarding this aspect. It is better advised that you may consult with a Labor Attorney who can give a proper guidance in this regard.
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