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Asked 12/6/2007
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How many days does a company have to comply with the 401k distribution after the sale of the company? My company sold Sept. 1, 2007. The new owners have retained most of the employees and have offered and started a 401k plan. The problem is that we still haven't received the distribution from the old plan with the previous owner. We recieved forms to fill out and mail back, which we did. We keep hearing different stories about the disbursement. Most of us have decided to take a little out to help with Christmas and higher mortgage payments etc...and to roll the rest over to the new plan... To get to the point we are all tired of the delay and unkept promises.....what is the time limit for distribution of funds after the sale of a company??? I thought I read somewhere that it was 90 days and if so how do we go about getting our funds? |
Answer 1/1 - Submitted 12/6/2007
there is no strict deadline for this. It's not an easy task to pay out a plan. If you do it incorrectly then you could end up paying too much to people at the front end which doesn't leave enough for those at the back end. Often times they try to pay everyone out at the same time. They will definately have everyone paid out before the end of the year because they don't want to have tax filings in two different years.
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