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Asked 1/13/2008
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I closed 401k with former employer. The 401k Company sent the check to the employer and he kept it. Now what? I had a new 401k company and wanted to rollover the old 401k into the new 401k. I called the old 401k company and they said they would send out a check. Unknow to me They sent the check to the executor of the account, the owner of the old company for which I worked. |
Answer 1/4 - Submitted 1/13/2008
Call the 401k company and tell them they made a mistake and wrote the check out to someone else. Tell them to send you a new one and that they should follow up with the employer on getting the funds back.
Answer 2/4 - Submitted 1/13/2008
Get a hold of a lawyer and your damn right this is wrong. you should have recived that check not your emplyer lining his pockets. So talk to one on Monday and go from there.Also any records of this bring and show the lawyer when you meet.
Answer 3/4 - Submitted 1/13/2008
Because 401K's are officially retirement benefits, what you describe is an ERISA violation. Call the federal Department of Labor.
Answer 4/4 - Submitted 1/14/2008
I agree with Stephen W. You have to do something fast, because if you don't you will have to pay taxes on a premature distribution from the 401(k). Oh, yes, you will be paying tax on the full amount of the distribution, plus a 10% penalty tax.
Violation of ERISA is a violation of both tax law and labor law.
Get an attorney involved.
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