401k Question - Illinois

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MKimble

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I was released from my position from my former employer on 09/04/08 for differences in managerial styles. At that time, I was a participant of the agency's 401k plan. I received a letter dated 09/19/08 from the Board for Health and Pension indicating that I had approximately $10,000.00 in my account. I called the 800 number on 09/24/08 and requested forms for a lump sum distribution. At that time, I was informed that the forms will be sent and should be received within 3-5 business days. On the fifth day (10/01/08), I called again inquiring about the forms. I was then told that the first person that I had spoken to was incorrect and that the forms should be received within 5-10 business days. At that time, I asked the operator to e-mail me the forms. On the tenth day, I called again. The same operator informed me that the forms were mailed on 09/30/08. I asked her again to e-mail me the forms. Eleven business days later, I have yet to receive the forms in the mail. However, I received the forms via e-mail and found that the 401k is now approximately $4,000.00 less than stated in the original letter. My understanding of this plan is that I can participate or am eligible if I am still employed with the organization. My question is this - Because I was released from employment on 09/04/08 leaving me ineligible and the letter dated 09/19/08 from the Board indicated $10,000.00, shouldn't all activity (stocks/trades) on my account have stopped? I believe that the Board should've stopped all activity and should honor the letter that was sent by them as I was legally ineligible to participate in their plan. Pls. advise on options, if any, I have to hold the Board accountable. Thank you!
 
We have not seen the letter, so one can only speculate when it comes to your posting...Hey, with the unpredictability of the stock market, I doubt that the company guaranteed you the $10K. I don't think you have a legal case here, however, if you feel strongly about it, consult with a local attorney so s/he can determine (after reviewing all the evidence) that you have a case worth pursuing.
 
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