Unemployment Compensation Amendment of 1992

Unemployment Compensation Amendment of 1992

Legislation in the United States that requires employers terminating an employee to allow the employee to take all employer-sponsored retirement savings and place them in the qualified retirement plan of the employee's choice. This allows the employee to keep the money he/she has saved and invested while at the company. The employee may also receive the savings directly, but the employer must then pay a 20% penalty tax on of the savings.
Full browser ?