sam248

Well, I have been willing and open to resolve this through our fund managers. However, they are requiring that it is resolved by the debt collector who has now added interest onto the payment. NO WAY! I refuse to pay interest on their mistake. Any suggestions?

Apparently, they asked via email. However, I blocked all emails from that company address because they fought my unemployment and appeared to be LinkedIn stalking me. They also may have sent a letter to my previous address; however, it never reached me. The first time I heard of the mistake was from the debt collector. I have asked the debt collecting company to put me in touch with the fund manager and/or retirement representative. So what I am hearing is that the plan manager should have reached out and there is a process. I have taxes to pay if they remain in my IRA.

Hi -- I am looking for advice and/or information. Here is the situation. Former employee requests 401K rollover on 12/4/19. On 12/31/19, funds are erroneously applied to their account. On 1/16/20 owner of the company approves rollover (signing section 11 of the rollover forms). All funds (including those erroneously applied) are transferred. Third-party administration company review discovers the overfunding. Former employer/company sends notice to former address but former employee does not receive. Former employer/company hires debt collector to obtain the overfunded amount. Questions: 1. Does the signed approval to rollover the funds by the owner mean that all the funds (including those erroneously overfunded) are essentially now the former employees? 2. If not, don't these funds need to be transferred back through rollover and not provided to a third-party debt collector through a cash payment? 3. What happens if the funds have lost their value in the stock market since they were incorrectly transferred? 4. Should the former employee have to pay interest to the debt collector on these funds? Any advice for the former employee? Because yes, that is me.