Julie Bove wrote:
>
> "jmcquown" > wrote in message
> ...
>> On 2/19/2015 6:07 AM, Julie Bove wrote:
>>> I didn't *think* that what I had was a 401K. I even asked about it
>>> when
>>> I retired. I was told that I didn't have to roll the money over so I
>>> spent it on furniture and appliances when we moved to Cape Cod. But
>>> when I filed my taxes, I learned that it was! I was penalized, and
>>> ****ed. I called the people in charge and they told me that they had
>>> changed the plan at some point.
>>
>> 401k's have been around for a long time. What you apparently had was
>> not a Roth (taxes prepaid) IRA, but a traditional one. You can't just
>> cash out without paying taxes on the money.
>
> I have no clue what it was. I only put the money in after reading the
> prospectus and talking to the person in charge of the plans. We had
> four to choose from and they held a meeting with us all to explain
> these. I had specifically asked and was told that it was not a 401K
> or an IRA and the money could be taken at any time with no penalty.
>
> But as with many things K Mart, at some point, they changed the plan
> and didn't tell us. They did the same with our pension plan.
>
You clearly misunderstood them.


---
This email has been checked for viruses by Avast antivirus software.
http://www.avast.com