Q: How can I retrieve my 401K after employment termination?
I was terminated from my job and was told to contact the retirement plan services for my 401K. When I did so they told me that I could not get my 401K until they received a termination notice from my ex employer. I offered to fax them the copy of the termination notice they gave me the day I was terminated and they said no it had to be from the company itself and then they said I had to wait another 21 days before I could ask for the disbursement and that I would not receive my full vested amount. Is this legal or is my employer sticking it to me one last time?
A: Whoever is the Plan Administrator (a Trustee) is in control, and that is not the former employer (who has nothing to do with it). If you are not paid within a month after doing everything they ask, then hire a competent attorney. It is very difficult to go after your property since it is almost impossible to legally determine what jurisdiction you must file suit in. And then you have to hire an attorney there, or file it yourself.
Again with the assistance of a competent attorney at a small fee, write letters and wait for your money. If no results, you will have a very difficult time going after them in a proper jurisdiction.
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