I can't withdraw MY OWN MONEY?!

The Dude

The Dude

MuscleChemistry Registered Member
So I wanted to withdraw the money from my 403B as there are much better options available to me. So I call up my Deferred Comp and they tell me that I can not withdraw my money for any reason... WTF?! This is my money... from my paycheck... It's mine.... I'm simply blown away. A private company under the guise of the Federal Government is refusing to give me my money under any circumstances. If I didn't have conspiracy theories before, I sure as shit do now
 
they should give it to you and then you just have to deal with the tax implications, thats what happend with my 401k i moved it out my work sponsored account and into another no problem.

not sure why they are hassling you, i know there is a lot of money moving around right now because of the fical cliff issue.
 
they don't view it as your money-it's their money...that's how they see it

it is your money they just hold on to it for you until they deem that you should have it-this will keep the system from collapsing due to an estimated 100 trillion dollars tied up in derivatives

I believe that back in the day it was called racketeering, it was illegal when the mafia did it but OK now when big banks and wall street does it
 
EXACTLY!! They flat out said that there is NO WAY for me to get my money without leaving my employer. I'm still confused as to how this is legal. It's my money. I earned it on paper. I have records. It's not a far stretch for our Federal Government to just take the money. I'm my case there is no possible way for me to claim a dime for almost 30 years!!!
 
Totally legal brotha. You elected to contribute to it agreeing to the terms of withdrawl. The loan for it from what I remember varies from mutual fund or whoever the vendor is. I think it also has to do because of the 501 (3)c status from whatever company you began to contribute from. Nothing to do with the feds allowing it or not.
 
This is one of the many reasons I'm not willing to put too much into my 401k. I'd rather buy stock in companys that's I can control that way if I lose money it's my stupidity that caused it. But in the long run, whatever money I may lose is the same as the money I'd pay in penalties for taking my own money back
 
Ive take money from mine, and just had to pay penaltys and taxes and such, I dont understand why they arent letting you take it out? We just took money out to buy a new car and had it in like 4 days. Whats the difference between 401 and 403?
 
Presser said:
Ive take money from mine, and just had to pay penaltys and taxes and such, I dont understand why they arent letting you take it out? We just took money out to buy a new car and had it in like 4 days. Whats the difference between 401 and 403?
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They are relatively the same but the 401k is public and the 403 is through non profit employers.

It all depends on who manages the funds in the end. I know you can draw under dire circumstances but even then it must fall under whatever guidelines they set up.
 
Buffalo said:
They are relatively the same but the 401k is public and the 403 is through non profit employers.

It all depends on who manages the funds in the end. I know you can draw under dire circumstances but even then it must fall under whatever guidelines they set up.
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THNX, i think my wife has a 401 nd 403b, but im not sure, lol, or maybe they just came to talk to her at school about the 403b, that might be it, lol, i know they send out financial advisors a couple times a year to talk to the teachers about how to invest their earnings ect
 
Didn't read all responses but you can generally only borrow 50% while employed. Once you leave, you may cash out and pay regular tax plus 10% penalty. I recommended you only borrow bc you are then just paying yourself back.
 
Presser said:
THNX, i think my wife has a 401 nd 403b, but im not sure, lol, or maybe they just came to talk to her at school about the 403b, that might be it, lol, i know they send out financial advisors a couple times a year to talk to the teachers about how to invest their earnings ect
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Funny you mentioned that, I just sat down with our advisor. We started to match contribution and upped my contribution a bit. I'm up this year.
 
Buffalo said:
Funny you mentioned that, I just sat down with our advisor. We started to match contribution and upped my contribution a bit. I'm up this year.
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Yeah i forgot thats what they always try to get my wife to do, contribute more from each check,lol, it really does benefit her in the long run! And its surprising to see how fast the money accrues!
 
Yeah, I look at it as, "if I contribute more will that eat into my gear fund?" Lol

Damn priorities
 
lol @ your gear fund. You prolly do put aside so much cash per monthf or gear,lol
 
Presser said:
Ive take money from mine, and just had to pay penaltys and taxes and such, I dont understand why they arent letting you take it out? We just took money out to buy a new car and had it in like 4 days. Whats the difference between 401 and 403?
Click to expand...

how long ago was this, a few months ago I tried and they gave me hell about it
 
As soon as my family sells my deceased Mothers farmland, I intend on keeping very little cash in the bank. BOBO will want his share to support his social programs.....I'm actually considering investing in diamonds.....of course I have lots of homework to do on this. They apparantly keep apprecaiting but of course liquidity is an issue too.
 
The Survivor said:
As soon as my family sells my deceased Mothers farmland, I intend on keeping very little cash in the bank. BOBO will want his share to support his social programs.....I'm actually considering investing in diamonds.....of course I have lots of homework to do on this. They apparantly keep apprecaiting but of course liquidity is an issue too.
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I always say never put your eggs in one basket. Some gold is good hit in my portfolio I made more than in gold this year. It's always a risk.
 
Damned if you do or don't. I borrowed a couple times against my 401k. Like a loan, I paid back the account in installments. Avoided a penalty and taxes that way. Can't understand why your own money would be denied to you, unless their terms have some kind of provision. Hope you resolve this, Dude.
 
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The Survivor said:
As soon as my family sells my deceased Mothers farmland, I intend on keeping very little cash in the bank. BOBO will want his share to support his social programs.....I'm actually considering investing in diamonds.....of course I have lots of homework to do on this. They apparantly keep apprecaiting but of course liquidity is an issue too.
Click to expand...

Gold and silver bro. Diamonds are too hard to value for most. Gold and silver is simple weight and purity and have always had value in every society
 
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