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Liquidation of 401k

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Question

Country: United States of America
State: Ohio

The company I worked for had a company funded retirement plan (besides a 401k). They are going through Chapter 11 (report) and have stated the retirement funds are secure. Can these funds be liquidated for anything other than pensions?

Answer

Normally no but should also consult your nearest Department of Labor office to briefly discuss the issue with them.


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