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Asked 3/2/2010
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Does our company have a time period to get our money to us? Our company closed our 401k plan after we found out they were taking money out of our checks and not putting it into our plan this had been going on for 6 months. They repaid our accounts the money we were notified in Nov. that the plan was being closed as of Dec. 31 we have sent our paperwork in signed a 30 day waiver and still nothing has been done. What can we do? |
Answer 2/3 - Submitted 3/2/2010
Most 401 plans are adminsitered by an independent company. Ask them. If they can't give you a satisfactory answer it's time to get the local district attorney or the office of the US Attorney involved. I find it hard to believe that a plan administrator would allow a company to borrow against a plan. I think the company never made deposits into the plan in your names or that the plan never established. I smell a fraud being perpetrated.
Answer 3/3 - Submitted 3/2/2010
We have accounts it is just that they were using the money to buy material and other things and were hoping to get it caught back up before anyone noticed. There excuse was is was just a mistake an oversight. We ask when it will be taken care of so we can roll them over and all we get is we are working on the paperwork and we get that with an attitude from our Plan Administrator.
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