401k and unemployment
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401k and unemployment
If you take your 401k out in a lump sum will it affect your unemployment
compensation. The company is the only one that put money in it and I can
only take it out in a lump sum
Asked on April 30, 2018 under Employment Labor Law, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
No, your 401k savings is not salary continuation: it is your own savings, like money in your bank account or investment/brokerage account you have. Taking your own money out of savings should not affect unemployment eligibiity; taking money from your 401k is not the equivalent of receiving severance (which does affect unemployment benefits).
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