Welcome! | Ask A Question
Asked 5/7/2010
|
Is there a legal timeline a company must follow for a 401k distribution? I left my job 1/23/09. prepared forms for a distribution. 3 months later I was told a distribution couldn't be done until 12/31 of the year I left. January 2010 I was told it now had to be valued. March I was told it was valued and I needed to redo the paperwork. April I received the paperwork, which said distribution on the profit sharing would be May1 and cash value May 2. Now they say they are "working on it". Exactly how long can they drag this out? Everytime I turn around they come back with a different story and date. It would seem cutting the check would be all that was left to do. |
Answer 1/1 - Submitted 5/7/2010
The US Department of Labor oversees compliance of 401k plans. I'd call them for guidance, as you are correct, dragging this out for over 16 months is ridiculous, and to me, raises suspicion that they took your money and may be trying to cover up misappropriation.
http://www.dol.gov/ebsa/compliance_assistance.html
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
My wife was just layed off after 15 yrs employment. we have a loan against her 401k. the company that handles the 401k says we cannot continue payments, only option is to pay off (can't do) or they let it go into default and make it a distribution. i read that as she is over 55 (57) a distibution...
My company has been taken over and the previous 401k is being rolled into the new company plan with a different plan provider. i want to move my old 401k to a self directed ira, but the only option they have for us is to roll it into the new company plan. is this legal to force where these funds go?
I've changed jobs and want to roll over my 401k from my old job to the 401k at my new job. i've got 10 years invested in the old 401k and i'm 100% vested. when i tried to roll it over, the broker who manages the 401k account for the company i used to work for says it can't be rolled...
|
Loan on 401k, layed off by company, can't repay loan so it will be a distribution, 10 penalty My wife was just layed off after 15 yrs employment. we have a loan against her 401k. the... |
|
Company taken over, 401k being forced to new company plan My company has been taken over and the previous 401k is being rolled into the new company... |
|
I've changed jobs and want to roll over my 401k from my old job to the 401k at my new... |
|
401k money distribution after being laid off I am currently at a company that is laying people off. i have a 401k plan there but i am not... |
|
Is it legal for comany to terminate a 401k plan to there own controling 401k plan? The company i work for used ower union contract to except their controling 401k plan and terminate... |
|
Due to 2 deaths in our immediately family (a mother on one side and a father on the other),... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.