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Can you withdraw from your 401k and received unemployment benefits in Arkansas?
Wiki User
∙ 9y ago
Pension or 401K payments: Payments from a 401K or other pension plan, will not affect your unemployment benefits if:
- you are subject to a penalty for early withdrawal;
- you roll all of it into another retirement fund without taking a payment; or,
- the payment is from a fund that none of your base period employers paid into (in other words, it is a pension from a former employer that has not paid you any wages in the past 15-18 months).
If you retire from your base period employer, your monthly payments will reduce your unemployment benefits dollar for dollar. Example: Pension of $433 per month = $100 per week. UI benefits reduced $100 per week.
http://www.uimn.org/ui/other.htm
Wiki User
∙ 12y ago
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To qualify for unemployment compensation you have to have lost your job through no fault of your own, or quit with justifiable reasons. You also have to be ready, willing, and able to go to work immediately in a full time job which you are required to be seeking. Maternity leave under those conditions does not seem to apply.
Does unearned income apply to unemployment benefits in California?
I lost my job and have submitted papers to withdraw my pension contributions. I will receive a check with me as the payee. Will this affect my eligibility for unemployment benefits in California? If it would, could I correct that by rolling it into an IRA with the 60 days allowed before having to claim it as income, per California tax law?
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In Ohio are you allowed to withdraw after tax distribution from a 401K after you have started drawing unemployment from the same company you worked for without disrupting your unemployment benefits?
I took money out of my 401K and lost my benefits for a five months. So did any of my group who were laid off who took any money out. We are all from ohio. I am not sure how the person who answered yes could have gotten around this. We were all senior employees and it was old money. Didn't matter. If you took any of it, it off set our unemployment.
You are getting laid off Can you get your 401 k pay out and still draw your unemployment benefits?
Yes you can but you will have to pay a 10% penalty on early withdraw of your 401k if you are under 59 1/2 and they will automatically take out a minimum of 20% Federal taxes (or more). But since that is money you have already earned it does not count against your unemployment benefits. If you have money in savings it does not count against you being able to collect UI either.
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because
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Will you get benefits if you withdraw before the flexi deposit scheme maturity period?
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Does withdrawl of 401k affect unemployment in Indiana?
The laws regarding the impact of 401K disbursements can vary by states. As with most states, it can impact your unemployment benefits in Indiana, depending on the specifics of your 401K. Depending on whether or not you were fully vested, reporting a 401K disbursement can delay your unemployment benefits. If you are not fully vested, then your 401K withdraw is exactly the same as withdrawing money from a bank account, cashing in a bond, or any other financial instrument. In other words, you are withdrawing and paying taxes on money already earned from that employer. However, if you're fully vested you would be taking money that your employer matched, in addition to money you already earned. In this case, the amount of your 401K disbursement would be divided by the amount of weekly unemployment benefits. The number of weeks you come up with when you divide your disbursement by the amount of weekly benefit, will delay your unemployment benefits until that number of weeks have passed. I am not attorney, but I did stay in a Holiday Inn Express last night. :P Actually, I asked a friend of mine who is a 3rd year law school student and he said this is how he understands it. (I.E. - if the money is all yours it shouldn't impact unemployment benefits, but if you're fully vested and taking your money plus additional employer matching funds it will delay it.)
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