While working at a major medical center in NYC for 35 years, I had been contributing to a 457b plan for a number of my later years… Long story short, when I retired 5 years ago, there was no mention of the election requirement, regarding this account… and, I only just recently learned about this from the account’s administrator… So, I was never given the option of deferring the payout or receiving it in increments or as an annuity… Rather, they just sent me a letter this week, saying that they are sending me the check for the lump sum in 7-10 days… (again, I reiterate, this is the 1st mention of this account with me, 5 years post-separation)…
Since this unanticipated delayed payout will require a hefty tax payment this year, can anyone recommend any sort of recourse that I might have, as far as “encouraging” my former employee to provide me with the options that they should have offered to me 5 years ago?
Thank you all for any feedback, insight or assistance…
