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Settlement of Employment Disputes: A Checklist

Settlement of Employment Disputes: A Checklist

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SETTLEMENT OF EMPLOYMENT DISPUTES: A CHECKLIST

by

Robert B. Fitzpatrick, Esq. Robert B. Fitzpatrick, PLLC Suite 660 Universal Building North 1875 Connecticut Avenue, N.W. Washington, D.C. 20009-5728 (202) 588-5300 (telephone) (202) 588-5023 (fax) Fitzpatrick.law@verizon.net (e-mail) http:/www.robertbfitzpatrick.com (website)

8 Copyright 2003, Robert B. Fitzpatrick, Esq., Robert B. Fitzpatrick, PLLC, Washington, D.C.

i

THE AUTHOR
ROBERT B. FITZPATRICK OF THE WASHINGTON, D.C. LAW FIRM OF
33

SETTLEMENT OF EMPLOYMENT DISPUTES: A CHECKLIST

by

Robert B. Fitzpatrick, Esq. Robert B. Fitzpatrick, PLLC Suite 660 Universal Building North 1875 Connecticut Avenue, N.W. Washington, D.C. 20009-5728 (202) 588-5300 (telephone) (202) 588-5023 (fax) Fitzpatrick.law@verizon.net (e-mail) http:/www.robertbfitzpatrick.com (website)

8 Copyright 2003, Robert B. Fitzpatrick, Esq., Robert B. Fitzpatrick, PLLC, Washington, D.C.

i

THE AUTHOR
ROBERT B. FITZPATRICK OF THE WASHINGTON, D.C. LAW FIRM OF

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Categories:Types, Business/Law
Published by: Robert B. Fitzpatrick on May 18, 2011
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11/08/2012

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!

Be familiar with the 401(k) distribution and portability rules. Normally, if
anyone takes money out of an IRA or a 401(k) before age 592, he or she
pays a 10 per cent penalty. There are at least three exceptions:

i.

The participant terminates employment in the calendar year in
which he/she turns 55 or thereafter;

ii.

Death or disability at any age; and

iii.

The distribution is part of a series of substantially equal periodic
payments over the life of the participant or the joint lives of the
participant and a beneficiary.

!

An employee may obtain a statement from the employer of the exact
amount to be paid.

!

Secure a date certain for payment of the 401(k) money.

!

Be very careful with withdrawals from employee retirement plans, like
401(k)s. To avoid paying taxes, the entire 401(k) distribution must be
rolled over. The employer has to provide the employee with a written
explanation of the choices at least 30 days before the distribution.
Understand that unless the employee instructs the employer to make a
direct transfer, the employer must withhold 20 per cent and the client then
must find the 20 per cent elsewhere within 60 days of the 80 percent
distribution. Avoid the 20 per cent trap. See MacDonald, "How to Beat
the 20 per cent Withholding Trap," 62 Money (February 1993).

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