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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Employment Law
Satisfied Customers: 41221
Experience:  I provide employment and discrimination law advice in my own practice.
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How long does an ex employer have to release my 401k?

Customer Question

How long does an ex employer have to release my 401k?
Submitted: 2 years ago.
Category: Employment Law
Expert:  Dimitry K., Esq. replied 2 years ago.
Thank you for your question. Please permit me to assist you with your concerns.
If I may ask, who managed this account, the employer or a plan administrator?
Customer: replied 2 years ago.

The employer is in control of this account and doesnt seem to want to release it so i can roll it over or cash out. We have a company that does the trading for us but they are waiting for his signature

Expert:  Dimitry K., Esq. replied 2 years ago.
Hi,Typically the employer cannot withhold your funds from the the 401K from rollover or distribution in accordance with the Summary Plan Description (SPD) due to your termination or loss. If they do, it is a violation under ERISA. In that case, you can choose to file a complaint with the Employee Benefits Security Administration of the U.S. Department of Labor, which enforces ERISA or you can hire an attorney to file suit under ERISA for you to gain access to your funds. Please go to this link to learn more: http://www.dol.gov/ebsa/faqs/faq_compliance_pension.htmlThey generally have to release in a 'timely' manner which is understood to mean within 3 to 10 business days. Sincerely, ***** *****

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