Contact your local Legal Aid society. You will probably need a lawyer to help you get your money. Have you asked for your money in writing? Send a letter to them, return receipt requested, so you have a record, and keep a copy of the letter. Give them a week to ten days to respond. If they don't then contact a lawyer.
If you are about to retire, it is important to think about the different retirement options that are available. The best resource for learning about retirement funds is your employer.
Employee Retirement Income Security Act
If you are about to retire, it is important to think about the different retirement options that are available. The best resource for learning about retirement funds is your employer.
American Funds does have some retirement planning options not limited to, but including IRAs, 401(k)s and SEPs. There are more options in their Employer-Sponsored Plans to choose from.
The Australian Retirement Fund allows people who retire after age 60 (if born after 1967, which you would be) to withdraw funds. Over the course of the person's employment, their employer would contribute 9% to the designated superannuation fund. The employee can contribute additional amounts for tax benefits.
The definition of a pension fund is a fund started by an employer to help and to regulate the investment of employees retirement funds given to by the employer and the employees.
Federal payroll tax is a system in which the employer of a taxpayer withholds funds from the employee's wages for the purpose of paying various tax obligations. The employer may owe a portion of the tax liability themselves, based on the employee's wages. This is true with Social Security retirement, for instance, where both the employee and employer are responsible for a share of the tax. Assume an employee makes $1,000.week. At the end of the year, the employee will have made $52,000. Based on this income, the employee would most likely have a federal tax obligation. Rather than waiting until the end of the year for the employee to pay their tax obligation, and risking that they may no longer have the funds, the IRS created employee withholding or federal payroll tax. The estimated tax obligation of the employee is estimated by the IRS, based on the wages earned and the number of dependents the employee is entitled to claim. These estimates are set forth in tables created by the IRS and provided to employers. If a person earns $1,000 a week, the employer may be required to withhold $200 as an estimated tax payment to the IRS. The federal taxes normally withheld by the employer include federal income tax, Social Security retirement and disability tax and Medicare tax. Deductions for things such as a 401k or pension account are normally optional deductions and are not considered taxes. In the case of Social Security retirement and disability, the employer may only withhold one half of the tax obligation (12.4 % plus 1.45 percent for Medicare in 2012). The employer must pay the other half of the obligation from the employer's own funds. With very few exceptions, employers are required to make these deductions for federal payroll tax. If the employer fails or refuses to do so, the employer may be personally liable for the tax obligation. In addition, once the funds are deducted, the funds no longer belong to the employer. They must create a separate trust account for the benefit of the IRS. On a quarterly basis, the employer must file a return with the IRS showing the employees, the wages earned and the payroll taxes withheld. The employer must then pay the amounts withheld to the IRS. If the employer fails to do so, and the employer is a corporation, officers or other responsible individuals may be held personally liable for the amount owed.
Stored pension refers to the retirement benefits that an employee has accumulated over time in a pension fund or retirement savings account. These funds are set aside and invested to provide a financial cushion for when the employee retires.
An IRA is essentially a "no fuss, no muss" situation.The IRA-based plans range from one with little employer involvement to ones that the employer establishes and funds.Individual Retirement AccountsAn IRA is the most basic sort of retirement arrangement. People tend to think of an IRA as something just for individuals (hence the "I" in IRA). But an employer can help its employees to set up and fund their IRAs. With an IRA, what the employee gets at retirement depends on the funding of their IRA and the earnings (or income) on those funds.
You can find information on retirement funds on CNN's retirement planning and savings planning website. Your 401k is in your retirement funds policy.
Vesting is not a term that I have heard of in dealing with life insurance and I have been selling insurance for 23 years. The term vesting is usually seen in retirement plan. In a retirement plan vesting means that percentage of the funds in the retirement plan that belong to the employee. Now all retirement plans have 5 year vesting which means for each year you are in the plan your percentage goes up 20%. In the third year that you are eligible to be in the retirement plan you would own 60% of the funds in your account and if you left the employer you can take it with you.
Yes.