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Asked 9/24/2010
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How long can a 401k manager hold rollover funds before depositing in my account? I received notification from my previous 401k management company that they had sent the rollover checks over a week ago. The new 401k management company has not posted anything in my account. Just got an email from them saying the were 'allocating' the funds. How long can they hold the funds without depositing them in my account? I recall hearing that there was a very short (3 days?) legal limit to prevent money managers from putting funds in limbo and scalping interest off of them while the true owner gets left hanging. |
Answer 1/2 - Submitted 9/24/2010
Answer 2/2 - Submitted 9/27/2010
This is not a hypothetical situation, so your answer isn't correct... they actually still haven't deposited my funds and they've had the checks since 9-8-10, it's now 9-27-10. I just got this email from them, "Roth Rollovers haven't been accepted into this plan before and we are setting up the new source in the plan so we can accept the Roth Rollover."
The regular 401k monies were in a separate check from the roth 401k monies. So they should be able to deposit the lions share of the funds into my account. Only about 5% of the funds were Roth Rollover, and as I mentioned in a separate check. This should be illegal to hold onto funds for weeks without posting and making them available for me to manage my own money. How long do they have?
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