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I was a Net Branch mgr for Flagstar Bank which is based in Michigan. I funded the local branch and was responsible for all bills. If the branch was short funds I was personally held accountable for the funds. I have since left the bank and when I went to collect my 401K I was told that even though I funded the employers portion I was not entitled to those funds. I feel as though all monies I contributed should come to me.

1 answer  |  asked Apr 17, 2008 3:39 PM [EST] in Pension 401(k)  |  applies to Pennsylvania

Answers (1)

Christopher Ezold
Generally, an employer may not raid your 401(k).

Before I respond to your inquiry, I must state that we have not spoken, I have not reviewed the relevant documents and facts, and I do not represent you. Therefore, my discussion below is not a legal opinion, but is informational only. Finally, my discussion applies only to issues to which Pennsylvania or Federal law apply, unless otherwise specified.

That being said, generally, an employer may not raid your 401(k). There are a great number of facts that are not in your question that I'd need to know; however, it appears as if your employer has engaged in behavior prohibited by the law. This behavior may create claims against the employer for the amounts lost, as well as potential penalties of $100/day, payable to you.

If you would like to discuss this matter further, please feel free to contact me at the below address(es) or number.

/Christopher E. Ezold/
Nancy O'Mara Ezold, P.C.
One Belmont Avenue,
Suite 501
Bala Cynwyd, PA 19004
(610) 660-5585
Cezold@Ezoldlaw.com

posted by Christopher Ezold  |  Apr 17, 2008 3:46 PM [EST]