As the subject implies, previous employer ( even after filing transfer papers ) will not release 401K to another 401K at my new work. Any ideas on what the heck to do?
Have you confirmed that the new 401(k) will accept the roll over? I would start with the HR dept. at my current employer and move to the HR dept. at my former employer and see if they are able/willing to help.
As the subject implies, previous employer ( even after filing transfer papers ) will not release 401K to another 401K at my new work. Do they give a reason?Some plans will only release 401k funds a couple of times per year or whatnot. I've also seen plans where you have to be off the books for a couple of months before they'll let you do a rollout.Also, depending on the circumstances (e.g. a corporate merger, or a temporary leave of absence, etc), you may still be considered an employee of the company and a rollout may not be an option.So, without more details, it is impossible to say for sure, but the old employer may be within the terms of their plan. Or not.Good luck,JDOyster
OK, here's a little bit more for you. The balance in the 401K is only $2008.00 at this point. I filled out my part of the transfer distribution form, I called the Plan Administrator (who now ONLY does payroll from her house for the Previous employer), and she said to mail it to her house and gave me the address. I only have her cell phone #. I mailed it to her on 12/13/02 and she only had TWO lines to fill out. She was to forward it on to the 401K company and I was supposed to get a check in 7-10 business days. Over one month later, I called her on Monday and she actually answered the cell phone and I told her I needed to know what was going on cause it had been way more than 7-10 business days. She said she would call me back and I've tried to call her but I only got her voice mail! Can you say ignore???? I'm wondering if I need to call either the Texas attorney Generals office or maybe the Securities and Exchance Commission here in Fort Worth to get the ball rolling.
The Department of Labor has direct oversight on 401k plans when Employer misconducted is suspected. If you feel it has gotten to this level then you need to contact your local DOL office for assistance.Just from experience though, its been 1 month, I doubt the DOL is going to take action after such a short time has elapsed. I would continue to attempt contact wioth the administrator and your former employer. If nothing is gained, send a certified letter to your former employer (keep a copy) asking for a written explanation as to why your distribution has not been processed and ask for a detailed time line as to when you can expect to receive your money. Mention that if they do not reply within xx days you will contact the department of labor and ask them to get involved. That should get their attention.Bill
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