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Asked 3/4/2009
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Suing for losses I was laid off in August of 2008 and in September I tried to remove my money out then because I wanted to reinvest in IRA also I knew the 401k company wasn't investing my money properly. I was told that our companies plan did not allow me to remove my money even though I was let go. I was told I had to wait till March of 2009. Since I wasn't permitted to withdraw my money I've lost over $5000 dollars. Am I permitted to sue the company since my investment wishes weren't met and I lost money due to this. |
Answer 1/1 - Submitted 3/4/2009
Probably not.. The employer who sponsors the plan has a document, called a Summary Plan Document, which details what is allowed and when. It is not uncommon to make participants wait, 6months 1 year or even 2 years before they are allowed to remove their money from the plan. -- This is their plan governing document, and as long as it is followed, you will have no recourse. You may have been able to amend the way the money was invested, moving it to a stable value fund for the time it had to stay there, but since 401(k)'s are generally self directed accounts, there is no one you can regain the losses from their either.
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