Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
Hi. My name is*****'m an attorney and I'm happy to help. It sounds like they are trying to verify the "Hardship" part of the elective withdrawal. They have a right to do that within the confines of the stated policy of the 401 k plan. You need to make sure that you are within their definition of "hardship". If so, there should be no problem and if you need to follow up with their dispute resolution team, so be it. Their delay should not be your problem. If however, there are legitimate questions about your access to funds during the period of time you requested the withdrawal, you need to also address those. Did you make a down payment and where did that money come from (is what I'm assuming they're after). Either way you need to indicate to indicate to them that you want a decision. If yes, great. If no, and assuming you believe that you have complied with their requirements, then start the appeal process with that company.
I hope this helps. If so, a positive rating is appreciated.