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Department of Labor Solves Problem!

Author	Comment
Unregistered(d)	Department of Labor Solves Problem!	Lead	[-]
Posts: 0 (12/31/02 12:52:30) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	I worked for a company that was acquired, and I was laid off due to downsizing. My 401K account is being "handled" by a third party. All the paperwork on my side is filled out. The third party is awaiting authorization from the former CEO of my company who is the executor of the account before they transfer my money. I have been away from this company for over 60 days, and have been waiting for the CEO's authorization for almost a month. What rights do I have to speed up this process? Any help will be appreciated. Thank you, Scott
401der	Re: Help is needed	#1	[-]
Posts: 673 (12/31/02 13:01:38) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	You really don't have any recourse other than to call the CEO regularly asking him to please sign the form. There is no real time limit on making the distribution to you.
Unregistered(d)	Help is needed	#2	[-]
Posts: 0 (12/31/02 13:29:38) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	I just spoke with the DOL. They said if I had not received my money in two weeks, then they would contact the CEO and put pressure on him. I will post here when it is resolved. Scott
401khelpcenter	Re: Help is needed	#3	[-]
Posts: 359 (01/01/03 10:27:18) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	A report on how this is resolved would be great. It will help others understand what can be done in similiar situations. I'd really be interested in what the DoL does.
Unregistered(d)	Help is needed	#4	[-]
Posts: 0 (01/14/03 11:49:56) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	This issue has been resolved. The CEO signed over the paperwork, and I got my money transferred into my IRA account. What I did to contact the DOL was go to www.dol.gov, and call 1-866-4-USA-DOL, which is listed at the bottom of the web site. I then told the person who answered the phone that I had a 401K question, and they gave me the phone number of a local office. The person I dealt with at the local office was very informative and helpful. I wish I had more information to share about how the DOL helped resolve the situation, but luckily in my case, they were not needed. Hope this helps, Scott
Unregistered(d)	response	#5	[-]
Posts: 0 (03/19/04 05:30:53) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	Though you cannot make them sign the papers in a more timely manner(the trustee)(maybe there are other trustees who can?) you can eventually recover in court and lost money you incur, from the time you should've got it to the time you did recieve it; meaning that if the value of the account has fallen and you would've been out of the market otherwise.
Unregistered(d)	DOL	#6	[-]
Posts: 0 (12/12/05 18:39:19) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	I would always suggest that when a company is not acting in the best interest of the plan participant, to explain that you will be contacting the DOL should this issue not be resolved in a timely manner...tends to motivate towards a resolution quickly!

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