My former employer is holding my 401k hostage - what can I do? | 401k Questions

Question

Asked 10/18/2007

My former employer is holding my 401k hostage - what can I do?

I quit my full time job in August 06 due to the fact that the employer owes me over $10k in wages (a whole seperate issue!). I submitted the rollover form for my 401k to the 401k company right away. They came back a few days later saying they could not do the rollover because the employer owes them over a years worth of recordkeeping fees - over $2K. So they suspended all activity on the accounts. Now I cannot get any answers from either the company or the employer. I feel as though my 401k is being held hostage and I dont know which route to take to get it back! I am currently involved with the MA Attorney General's office for the past wages I am owed and they will be filing a civil judgement against the employer this month. I dont know if they can also handle the 401k issue or if its a federal matter. Any advice would be much appreciated!

Answers

Answer 1/5 - Submitted 10/18/2007

Hit him ..

Answer 2/5 - Submitted 10/18/2007

The AG's office should be able to handle the 401k matter as well. Sounds like the former employer might be stealing from the company.
I don't understand how you let them get 10k behind in paying you.
Good Luck!

Answer 3/5 - Submitted 10/18/2007

AG can't do anything other than pressure the employer. Call the Department of Labor. Phone number is on their website http://www.dol.gov/ebsa/

If the plan is not being run compliant with the terms of the plan document then the sponsor (your former employer) will face penalties. I'm guessing that your former employer doesn't realize that those penalties will be personally charged to him and not to the company. If there is wrongdoing here the DOL will very very clearly spell out the financial ramifications and potential legal ramifications of the employer not cleaning up their actions.

Answer 4/5 - Submitted 10/18/2007

Contact the Employee Benefits Security Administration. Find the office closest to you on this web site: http://www.dol.gov/ebsa/AboutEBSA/org_chart.html#s ection13

Answer 5/5 - Submitted 10/20/2007

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