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Greetings, Salevale, and welcome. You wrote:

<<It took three months to get my former employer to transfer the Scudder 401K Plan to my(new)401K plan with American Express. I have since switched from AmerExp to my new company's 401K with Fidelity. Scudder sent a $50K check that is made out to American Express with my name listed underneath.

Do I put this in my checking account and then write a check to Fidelity? I have been out of the country and the $50K check is dated 6/5/00. Are there time limits on transferring the $? >>

Better read the check again. My guess is the check is made payable to AMEX for your benefit. Do the letters "FBO" appear before your name?

In any event, you can't cash the check the way it's made out. And if by some chance you do, then the money almost certainly will not be accepted by the new 401k custodian. That means you would either have to put it in an IRA within 60 days of your receipt or pay taxes and a 10% penalty on the $50.

I think you have two options to avoid a problem: 1) Send it to AMEX and ask them to further forward it to your new 401k custodian; or 2) Return it to Scudder telling them AMEX no longer has the account and asking them to reissue the check to the new custodian for your benefit.

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