Can employer take his 401k fees from my account?

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Can employer take his 401k fees from my account?

I left his employ over a year ago, he is likely going bankrupt. To allow me to transfer my 401 he had to pay $2600 in fees he owed, so he had them taken from my account.

Asked on November 29, 2012 under Employment Labor Law, Arizona

Answers:

Anne Brady / Law Office of Anne Brady

Answered 8 years ago | Contributor

This sounds illegal to me.  You should speak to the company that managed the IRA about this and whether that was a correct source of those funds.  If not, you should consider suing him.  You can sue for up to $2500 of that in small claims court in Arizona.  No attorneys.


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