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Author: glmauldin Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75871  
Subject: 401K help Date: 2/1/2002 2:13 PM
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I submitted my request on 1/7/02 to liquidate my funds from my previous employer and they have not done it. They said (after I followed up with them, twice!) that they process only once, the 5th of the month and I will have to wait. I was never informed of this in wiriting or otherwise. Is this legal?
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 33615 of 75871
Subject: Re: 401K help Date: 2/1/2002 2:35 PM
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Greetings, Glmauldin, and welcome. You asked:

I submitted my request on 1/7/02 to liquidate my funds from my previous employer and they have not done it. They said (after I followed up with them, twice!) that they process only once, the 5th of the month and I will have to wait. I was never informed of this in wiriting or otherwise. Is this legal?

Yes, it is legal. The plan may dictate how and when funds will be distributed. Also, you were almost certainly informed of this via a copy of an employee's handbook containing the plan specifications or it was buried somewhere inside of your plan's literature and summary plan description that you must have received when you signed up for the plan. You probably just don't recall seeing it.

Actually, your plan is not anywhere near as bad as some I've seen. One hangover from the bad old days allowed distributions just once each year. Miss that day by the two days your request missed yours, and instead of waiting a few weeks you would have waited nearly 12 months before the money would be moved.

Regards..Pixy

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