Mikeyl41

Case closed - DOL just called me back and suddenly they changed their tune and I’m getting payment within the week. My previous employer is and always will be a dysfunctional garbage organization.

How have they done nothing wrong? An audit occurs every year - so they suspend initial distributions for 4 months every year? That’s not right. And the DOL agrees

My former company was the most dysfunctional place on the planet. Based on plan doc they won’t adjust interest (yes I’m aware of the US airways precedent). My issue is they have a habit of playing by their own rules. Because they are a private company they think they can do whatever they want. I’ve involved the DOL.

I hung up after I said that was ridiculous and didn’t agree. I didn’t hang up rudely. I decided to call the DOL and they said they’d investigate. The point is they have no precedent to hold distributions because of an annual audit for 4 months. It’s ludicrous.

I applied for my lump sum in July since my age 65 100% date was August 1st. Paperwork says 15-20 biz days for distribution. I received confirmation email July 22nd confirming all docs received and in good order. (Plan is fully funded) I received a call on August 5th I answered thinking they were confirming my rollover check was being sent out, however I was told my distribution was being delayed until October 15th due to the annual audit. I asked why I wasn’t told this when they accepted my docs July 22nd and she said she didn’t know why. Being in the industry for 25 years (mostly in DC) I had never heard of anything so ridiculous, I said that and hung up. I’ve spoken to a few friends in DB biz and they said the same that this isn’t allowed under ERISA. The company that I worked for IS the plan admin and they have a history of doing whatever they feel like…..can someone please comment and give me an opinion on this?