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QuilterDame | I left my job after 7 years, vested at 5. My boss won't release the funds in my 401K. What can I do? |
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Peter A
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Get professional advice as soon as you can. |
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FELIKS D.
 |
It's got nothing to do with your boss. Call the financial company who's in charge of your account |
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RE
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Just contact your 401k provider and tell them you will need the funds transferred. Your boss will not be able to withhold any of your own money. but he might be able to remove any money he has invested based on your original contract. Good Luck |
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chas
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its not up to him. it's the stated policy of the company.. report him. |
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jaded09
 |
Your retirement company is the only one who has access to those funds try to contact them first. Also if your company has not terminated you the retirement company will not send you your money. So contact your retirement company and make sure that you have been terminated. It usually takes 2-3 weeks after you have been terminated for the retirement company to release the money. |
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digdowndeepnseattle
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First question I'd ask is "Why?" The answer would go a long ways in what your next step would be. If your account is in a traditional balance forward account it could be quite possible that you may have to wait until the allocation of the income. It's also quite possible that you have an allocation of a profit sharing contribution coming to you and they are waiting until the allocation is complete. There are a number of valid reasons that they would make you wait.
In all of my years of doing 401k administration (>15) for small plans I've never come across an owner who didn't want people who quit or were fired OUT of their plans. They generally rush to pay....
And a lesson for all of those saying sue, sue, sue, and he has no right to say no....In a small company the boss generally IS the plan administrator and trustee. The mutual fund companies and such generally will not distribute any funds unless the plan administrator signs off on them. That doesn't mean he can hold them at his leisure...but he does have to approve the distribution. And, you can't just sue him in small claims court...it's a federal ERISA lawsuit. The cost of an ERISA attorney is likely greater than any claim to damages. And, as of right now he couldn't GET any damages. You have to show a loss and only way to show a loss is to liquidate the assets. Very likely that would remove him from any standing with the plan.
Far better to work within the system. Talk to the boss, find out why he's withholding approval. If the reason falls within reasonableness then there's nothing that can be done. But, if it's not within the rules of the plan document and it's not reasonable then the US Department of Labor is your only real alternative. But, that's an option that will burn ANY remnants of a bridge you might have. Far better to take the high road on this one. |
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Dr. Deth
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your boos shouldn't have any control over that - go right to the 401k administrator (Fidelity, etc) - former employer isn't even notified if a former employee rolls over funds or just withdraws them - it's irrelevant and has no effect on company profitability or anything else |
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joburgslim
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The 401K retirement savings plans follow federal laws, and the name comes from those laws. If you have been contributing to a 401K, as per your written requests to participate in the plan, and the deductions from your pay, then that money is in your name, and you can, and should roll it over into a IRA. This will give you more investment options.
This question sounds like there should be more detail. I am going to guess you work for a smaller company where your boss is also the owner, and he either has not been making the payments of your 401K deductions into your account, or has not deposited the employer match, or both.
Provided you have documentation to back up your situation, both of these are pretty serious employer infractions. Before you sue him, consider taking your situation to the US Labor Dept. There is one in every state, look them up in your local city. They will take this up on your behalf, and they can penalise companies who don't comply with their wishes.
The only say your boss has, providing he is the one with the company checkbook, is over actually making the payments. If he has done that, the money is in your name, he plays no further role.
If he has not, then he has diverted YOUR retirement savings for his personal/business use, and this is not legal or ethical. He MUST make up the payments, and all the arrears and interest. He has also denied you investment growth, from when the money should have been deposited, and you can make claim to that too. He has broken many laws if this is the case, so you may want to ask for a big check to go away, first, and then if he doesn't work with you, get the dept of Labor onto it. |
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Sunday's Best
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Call your local State Department, Office & Better Business Bureau to find out if you can retrieve forms to be completed through other sources and what can they do to assist you. I would also send a certified notorized letter to my employer stating the actions being taken against their office. GOOD LUCK & Mo-Money!!!!!!! |
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src50
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It has nothing to do with your boss. Contact the plan custodian. |
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podolak6
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take him to court..... hit him where it hurts |
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groverraj
 |
Wasn't the 401K sitting with an external company? It should have been invested with bank or brokerage firm outside of your company. Your boss has nothing to do about "releasing" your 401K.. it is your money , in your account. |
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MVD34
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Your (old) boss is NOT in charge of your 401(k) account, nor does he have ANY control over the funds in it.
An independent plan administrator is in charge and must follow the rules set by the federal government.
First, contact your old human resources and/or payroll departments and ask for help. Or at least the name of the asset administrator of your 401(k) plan.
Second, contact the asset administrator directly and ask to speak to the person who handles the plan for the company you used to work for. Be nice. Explain your problem. They will help you. It is the law. |
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dkgroce
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Get a Lawyer and sue his ***. |
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boilerrat
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sue |
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candyman1
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sue |
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Nally L
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what u can really do is soe his asssss |
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