Hello again and thank you for your reply. No need to apologize, I just wanted to make sure I didn't go off in the wrong direction. You are right that your employer or the Plan administrator has a duty to inform Plan participants of all of the material terms of the Plan, including distribution or rollover rules. Under ERISA
, which is the Federal law that governs employer provided retirement plans
and other employee benefits
, the employer must supply the Plan participant with an SPD (Summary Plan Description) for the Plan. That document should contain all of the relevant deadlines.
If you did not receive an SPD, or it did not contain this restriction, then you have a couple of options. One is to file a complaint with the Employees Benefits Security Administration (EBSA
) of the U.S. Department of Labor
, which enforces ERISA, and the other is to file suit under ERISA for the oversight. I would usually recommend that you try the EBSA complaint first, since it is free and often and resolve the issue.
Having said all that, the SPD is the only notice that the employer is required to give. In other words, they don't have to remind an employee of a deadline, although that would certainly be the best business practice, it is not a legal mandate.
You can find out how to file a complaint with EBSA by going to: http://www.dol.gov/ebsa/contactEBSA/consumerassistance.html
Please let me know if you need any clarification. I would be glad to assist you further if I can.