What agency can help us compel Lincoln Life to honor their contract?

[Guest dougej]

After leaving employment at a private, Catholic affiliated hospital, my wife rolled her 403(B) plan to her IRA. It has been a complete nightmare, primarily due to the plan's administrator, Lincoln Life. Their delays and general lack of cooperation caused her account to lose over $3000 in value, plus an additional $150 in illegal fees.

I call them illegal because the process for acount liquidation is clearly defined in my wife's contract. The loss in account value also occurred because LL did not adhere to their own policies, also outlined in the contract.

We have been informed by her former employer that this plan does not fall under ERISA, therefore the Dept. of Labor will not intervene. Can anyone suggest another avenue? Lincoln Life obviously insists that they have done no wrong, and hiring an attorney would exceed any possible financial recovery (as LL well knows !!). Any help or suggestions would be GREATLY appreciated. Thanks.

Doug

[Guest earthy]

If the controversy is over bad investment returns and losses in a code section 403(B) annuity contract, I'd suggest that a detailed letter be routed to the State Insurance Board within the State where the contract was issued.

You might also want to notify the State Attorney General since annuity contracts are no different than any other consumer product. Many States place fiduciary responsibilities on insurance carriers - such as Lincoln.

If the organization is a non-electing church plan, ERISA will provide no remedies.

good luck - Earthy

[GBurns]

I would not trust any employer to be the determiner of whether or not the plan falls under ERISA. The only authority is the DOL. Get your SPD and other info together and call them.

Even if they decide that they have no jurisdiction, call the state DOI and if the product is SEC registered get the agents name etc and call the NASD and SEC.