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The Land Advisor
The Land Advisor, Experienced Land Investor
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My company is closing out our 401K. Is there a time limit ...

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My company(which was bought out) is closing out our 401K. Is there a time limit to expect our money be it a check or rollover? I was told not to expect it for a long time. There seems to be confusion as to who's responsible for contacting/notifying everyone in the company; either the company managing the funds or the previous owner of the company.
Submitted: 7 years ago.
Category: Finance
Expert:  The Land Advisor replied 7 years ago.
The 401K money is yours. You are entitled to withdraw it and "roll it over" into another 401k plan, or an IRA, without tax liability or penalty.

If you are nearing retirement age, or for any other reason having the funds "in hand" and available to roll over is important to you, you are probably entitled to withdraw your 401k funds right now, without waiting for the company' close out to be completed.

Have your tax accountant or CPA (if you don't have one but want to pursue this, get one!) send a letter, Certified Mail Return Receipt Requested, making the withdrawal request, specifically stating that the funds will be rolled over into a qualifying 401K or IRA. (Having an attorney write this letter is even better). Send a copy (also Certified) to the president of your company and to your company's chief counsel.

This should have the desired effect. The Certified Letter, once signed for, represents "good service of your demand" upon the company, as if you were going to sue them. (You don't plan to but THEY don't know that.)

Good luck with this!
The Land Advisor, Experienced Land Investor
Category: Finance
Satisfied Customers: 1387
Experience: Retired successful "land baron", financier and investor.
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The Land Advisor
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Retired successful 'land baron', financier and investor.