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wallstreetfighter
wallstreetfighter, Employment Lawyer
Category: Employment Law
Satisfied Customers: 16301
Experience:  14 years exp, General counsel for National Corp. firms, Hostos College instructor, Represented employees in discrimination lawsuits
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I have left an employer on good terms. I am rolling over my

Resolved Question:

I have left an employer on good terms. I am rolling over my 401K account that I have with them to a private account, so that I may make a small withdrawl to start up my business. I am having trouble getting them to sign the paperwork to complete the roll over process.
How long do they have to complete my request ? It has been almost 3 weeks.
Submitted: 1 year ago.
Category: Employment Law
Expert:  wallstreetfighter replied 1 year ago.

wallstreetfighter :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification

wallstreetfighter :

The law does not specifically give the employer a time limit however, 30 days, would be customary, if the employer has failed to sign over the 401k,

wallstreetfighter :

and you do not have any outstanding loans,

wallstreetfighter :

you can send them an email or letter threatening an ERISA complaint, as ERISA, is the Federal agency that handles employees 401k and other retirement accounts.

Customer:

Ok, well I don't have any loans or anything with them. I just need these funds to complete my business start up. It just seems like my information is in someone's inbox or laying on the desk back piled.

wallstreetfighter :

Then you should advise HR, that you will file an ERISSA complaint, they

wallstreetfighter :

will start to take this seriously,

wallstreetfighter :

under the Federal law,

wallstreetfighter :

ERISA does the following:



  • Requires plans to provide participants with information about the plan including important information about plan features and funding. The plan must furnish some information regularly and automatically. Some is available free of charge; some is not.

  • Sets minimum standards for participation, vesting, benefit accrual and funding. The law defines how long a person may be required to work before becoming eligible to participate in a plan, to accumulate benefits, and to have a nonforfeitable right to those benefits. The law also establishes detailed funding rules that require plan sponsors to provide adequate funding for your plan.

  • Requires accountability of plan fiduciaries. ERISA generally defines a fiduciary as anyone who exercises discretionary authority or control over a plan's management or assets, including anyone who provides investment advice to the plan. Fiduciaries who do not follow the principles of conduct may be held responsible for restoring losses to the plan.

  • Gives participants the right to sue for benefits and breaches of fiduciary duty.

  • Guarantees payment of certain benefits if a defined benefit plan is terminated, through a federally chartered corporation, known as the Pension Benefit Guaranty Corporation.

wallstreetfighter :

If they are failing to address your concerns, they can be found to be violating the rules, and can be fined,

Customer:

ok, well thank you for your help on this. It really helps me. I think I will follow up with one more e-mail, and if this does not work then I will file the complaint.

wallstreetfighter :

You can file the complaint through the link above,

wallstreetfighter :

in your email, advise them you have made several requests, and their failure to cooperate is a violation of your pension rights, and that you will file an ERISSA complaint if they do not complete this task within one week.

wallstreetfighter :

They should respond.

wallstreetfighter :

If you have any further questions please do not hesitate to ask.

wallstreetfighter :

If satisfied please provide us with positive feedback, thank you

Customer:

ok, thank you so much!

wallstreetfighter :

good luck

Customer:

Will do .

wallstreetfighter, Employment Lawyer
Category: Employment Law
Satisfied Customers: 16301
Experience: 14 years exp, General counsel for National Corp. firms, Hostos College instructor, Represented employees in discrimination lawsuits
wallstreetfighter and other Employment Law Specialists are ready to help you
Expert:  wallstreetfighter replied 1 year ago.
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wallstreetfighter
wallstreetfighter
Employment Lawyer
16301 Satisfied Customers
14 years exp, General counsel for National Corp. firms, Hostos College instructor, Represented employees in discrimination lawsuits