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Asked 6/25/2010

If a company dissolves are they legally obligated to make your 401K funds available to you within 30 days?

My company went out of business seven weeks ago (as of June 25, 2010) and when I call the 401K management company they tell me that they have not been notified of the company going out of business and therefore can not let me rollover my money.

 
 
 
 
 
Answers

Answer 1/3 - Submitted 6/26/2010

Yes they have to give you your 401k money i think they have a 60 day interval for it to happen i think you have to request it if you haven't done that i think i would

 
 

Answer 2/3 - Submitted 7/28/2010

They do have to make your funds available, but there is no set time frame, they have to have approval from the IRS to dissolve the plan prior to any distributions taking place. You will get it, but it may not be quickly--- hopefully you did not have much invested in company stock...

 
 

Answer 3/3 - Submitted 7/28/2010

It sounds kind of fishy to me. I would keep calling them. Some companies are dipping into the 401(k)'s to pay their operating expenses due to the bad economy.

 
 
 
 
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