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The company Valic is making it impossible to get our 401K…

Customer Question
Hi. The company Valic...

Hi. The company Valic is making it impossible to get our 401K withdrawal money

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

We currently live in North Carolina but the 401 k is from a company in New York City where my husband used to work

Lawyer's Assistant: Has anything been filed or reported?

Not yet. We have been given confusing forms which the bank didn't even understand and now we've had the buck past four or five times and cannot get any answers

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Will there be a charge for the service and is my information kept private

Submitted: 8 months ago.Category: Legal
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Answered in 1 minute by:
11/16/2017
Lawyer: Legal Eagle, Lawyer replied 8 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 13,470
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Lawyer: Legal Eagle, Lawyer replied 8 months ago

Hi, I noticed that I couldn't see that you had a specific question. What specific questions did you have?

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Customer reply replied 8 months ago
My question is how can I get the company Valic to pay out the 401K to my husband. He was given a form which is impossible to fill out to their specifications and we are shuffled from one Department to another without any results
Customer reply replied 8 months ago
Hi are you there?
Lawyer: Legal Eagle, Lawyer replied 8 months ago

I'm here. One moment while I review your question...

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Customer reply replied 8 months ago
To give you more specific information, Valic is asking us to get the bank to put a particular type of stamp on a form which the bank said they are unable to do. They had told us that someone will call us tomorrow, but I have no faith that that will actually happen, as so far they already lied to us about another communication
Lawyer: Legal Eagle, Lawyer replied 8 months ago

Great, thank you! Bear with me a moment while I review...

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Lawyer: Legal Eagle, Lawyer replied 8 months ago

So, if I can summarize your issue, you're owed a 401k, but your old company is making you jump through hoops to collect on it, is that correct?

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Customer reply replied 8 months ago
My husband is trying to cash in his 40 1K plan, if that's what you mean Valic is the company that handles the distribution, and they are the ones trying to make us jump through hoops to get it.
Lawyer: Legal Eagle, Lawyer replied 8 months ago

I understand. That appears to be highly problematic. They either do not have the money available or they are breaching the contract. If they are breaching the contract then I would tell them that this appears to be a breach of contract based on the failure to perform within a reasonable time. Courts regularly look toward the Uniform Commercial Code as their guide, since many states have adopted this code into their own statutes. Under UCC Section 2-309(1), the law says that each party has a reasonable time to perform if it is not expressly stated in the contract. What is considered “reasonable” is a matter of fact and depends on the circumstances, but it is an argument that you would have to make that it is unreasonable. Regardless, there is a legal basis for your particular claim. There’s a site that I’ve used in the past where you can find a good template for advising of a breach of contract. It's a bit easier (and cheaper) than going through litigation and I have seen it be effective in the past. If this doesn’t work, sadly, the only other option is to either go through an informal mediation or file a lawsuit in your local court. This website is also pretty cool because they have some state-specific breach of contract forms that you can use as well. Click here to choose your state started.

What other questions did you have for me?

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Customer reply replied 8 months ago
How would I find out what a reasonable time is considered to be?
Customer reply replied 8 months ago
Just FYI, Valic is a company that has had multiple complaints for similar reasons filed against it. Do you think this would be a help in us getting our funds?
Lawyer: Legal Eagle, Lawyer replied 8 months ago

What's considered a reasonable time is really a matter of fact. I couldn't tell you for sure, but typically drafting a check shouldn't take longer than 5-7 business days for most organizations. If this company has had other complaints, this is something you'd probably want to add in your letter or a potential lawsuit if you would like. Any other questions for me?

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Customer reply replied 8 months ago
I am confused by the phrase matter of fact. Doesn't that mean there is a specific number of days? Also would the template for the breach be in the state we live in currently, or the state where my husband worked?
Lawyer: Legal Eagle, Lawyer replied 8 months ago

I'm sorry. There's no specific # of days. At least not by law. You may need to call other 401k servicers to find out how long they usually take. Also, you should probably purchase the template in the state where Valic is:-)

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Customer reply replied 8 months ago
Okay, thank you very much " legal eagle ". Can you remind me what follow-up options I have for this issue if there are any?
Lawyer: Legal Eagle, Lawyer replied 8 months ago

The pleasure is all mine! Do you mean following up with me or with Valic?

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