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Asked 8/11/2007

How long to get 401k distribution check?

Hi,
Can someone who has experience in this area tell me how long, by law does it take to receive your 401k distribution check after all the required paperwork has been submitted to your previous employer? I turned paperwork in back in April 07 and still have not received the check. I have followed up with the company that holds the account and was told it was sent to the employer to sign off on. The employer said he is within the normal time frame according to the labor board. is that truly normal time frame? Thanks for your help in advance.
It is to be rolled over...

 
 
 
 
 
 
Answers

Answer 1/2 - Submitted 8/11/2007

stop-- why do you want the money -- don't you want to roll it over so you will not have to pay a penalty and taxes on the whole thing in one year.

 
 

Answer 2/2 - Submitted 8/14/2007

There is technically no 'time frame' for processing a distribution from a 401k. But that doesn't mean that the employer can just leave it sitting on their desk because they don't feel like being bothered.

While there is no legal time frame, as long as the plan document states that distributions are to be done after a separation event (i.e. termination of employment) then the employer is obligated to process your request. Some documents can delay distribution until after the end of the year or another future date.

With that said, April 2007 is a little long to be waiting around for your rollover to be done. You have a valid complaint that you can bring before the U.S. Department of Labor. You should contact the local DOL field office. There should be one in your state, or neighboring state depending on where you live.

 
 
 
 

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