How may get my 401(k) benefits returned from a former employer?
-
I was released from employment from a private medical practice. I was not given severance; unused leave was not paid; I was unable to collect unemployment; and now the medical practice will not return my 401(k) benefits to me. I have made the request from my former employer and have also followed up with the office handling the 401(k) plan and have yet to receive anything. What other options do I have? Do I need to contact ERISA or a similar agency? The Drs. Licensing board? I made the major contributions to this plan and they are ignoring my request that this money be returned.
-
Answer:
There is no law that requires an employer to pay either severance or for unpaid vacation time. I do not know why you couldn't collect unemployment. As for the 401K, how long has it been? 30-60 days would probably be the norm to get the money distributed to you. Note, you are asking fro the balance based on your contributions and any matching amount froms the employer if they are vested. One hopes you had a custodian, eg, the plan was with Mellon or Schwab, etc, not your employer.
Tony D at Yahoo! Answers Visit the source
Other answers
Call the U.S. Department of Labor, Employee Benefit Security Administration (the office that handles ERISA) at their toll-free line: Toll-free Hotline: 1.866.444.EBSA They can tell you what your rights are, how much penalty you will be in for (taxes and 10% probably), how to avoid the penalties (roll it directly into an IRA) and possibly whether you have vested or not (which entitles you to the employer contributions as well as your own).
A medical licensing board has nothing to do with 401(k) plans. ERISA is a law. not an organization. Read the plan provisions for your specific plan. It must contain procedures for withdrawals or rollovers after an employee terminates employment. Often, there is a lead notification time that must elapse.
Get in contact with EBSA now. Tell them you have written for your benefit with no response. While you are at it it is a good idea to complain to your local Member of Congress. Have her or him contact EBSA. EBSA is a great organization but they are woefully understaffed- the complaints are coming through the windows these days. A referral from Congress will get some attention.
Contact the main office of the plan trustee directly. There is no reason to deal with your ex-employer in any way unless that business is the actual trustee (VERY unlikely if it is a med practice).
Related Q & A:
- How to get all intersections between two simple polygons in O(n+k?Best solution by Computational Science
- How can I find a direct employer in Canada?Best solution by Ask.com old
- How can I delete a former e-mail address?Best solution by Yahoo! Answers
- How to tell if you may get the job from the interview?Best solution by theundercoverrecruiter.com
- How long should I wait to contact a prospective employer after the interview?Best solution by Yahoo! Answers
Just Added Q & A:
- How many active mobile subscribers are there in China?Best solution by Quora
- How to find the right vacation?Best solution by bookit.com
- How To Make Your Own Primer?Best solution by thekrazycouponlady.com
- How do you get the domain & range?Best solution by ChaCha
- How do you open pop up blockers?Best solution by Yahoo! Answers
For every problem there is a solution! Proved by Solucija.
-
Got an issue and looking for advice?
-
Ask Solucija to search every corner of the Web for help.
-
Get workable solutions and helpful tips in a moment.
Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.