Ok, So the company I worked for sold out "selected assets" in essance the business. I did not accept a position with the new comapny that bought us out.
I have a 401k account , our president had no plan administraor for some time due to her leaving the company prior to the selloff.
I terminated my account via internet on 9/24/09. I called my former employer on Sept 29th to ask that he expedite my request, but he was not even listed as administrator of our 401k account at this point as he did not get around to listing himself as the new one. Seven days later 10/1/09 after raising some serious stink with ADP and Morgan Stanley my former employer gets around to allowing termination.
My check then gets issued on 10/5/09.
Now I can understand the four days for check issuing from employer saying yes I have terminated, but I have issue with the seven days it took them to approve, as email was sent to employer from "ADP" as third party managers to the old administrator that no longer worked at this company.
So the questions I have are:
1. Is there a leagal time period for the former employer to respond to termination notice sent for 401k rollover termination?
1a. Must a plan have an administrator at all times ?
1b. If I chose to terminate on a specific date why would the date be something else or is this allowed under the laws for something like a " reasonable time period"?
2. If the time period is pretty specific, do I have recourse in small claims or with a lawyer if my account balance was say $1,000 to $2,000 higher days before he got around to terminating my account. It did fluctuate by at least that much during this time period.
3. What would you do if you were in my shoes ?
thanks
Don
I have a 401k account , our president had no plan administraor for some time due to her leaving the company prior to the selloff.
I terminated my account via internet on 9/24/09. I called my former employer on Sept 29th to ask that he expedite my request, but he was not even listed as administrator of our 401k account at this point as he did not get around to listing himself as the new one. Seven days later 10/1/09 after raising some serious stink with ADP and Morgan Stanley my former employer gets around to allowing termination.
My check then gets issued on 10/5/09.
Now I can understand the four days for check issuing from employer saying yes I have terminated, but I have issue with the seven days it took them to approve, as email was sent to employer from "ADP" as third party managers to the old administrator that no longer worked at this company.
So the questions I have are:
1. Is there a leagal time period for the former employer to respond to termination notice sent for 401k rollover termination?
1a. Must a plan have an administrator at all times ?
1b. If I chose to terminate on a specific date why would the date be something else or is this allowed under the laws for something like a " reasonable time period"?
2. If the time period is pretty specific, do I have recourse in small claims or with a lawyer if my account balance was say $1,000 to $2,000 higher days before he got around to terminating my account. It did fluctuate by at least that much during this time period.
3. What would you do if you were in my shoes ?
thanks
Don
