No Plan Adminstrator

[Guest fca]

I recently retired and attempted to make a redemption from my ERISA qualified 403B--I also wanted to transfer it to an IRA. I was told I need a form signed by myself and the plan adminstrator. When I called my ex employer I found out the plan adminstrator had left three years ago (the former CFO) and no had been named to replace hiim The employer said they were trying to straighten out this problem as they were also in the process of terminating the 403B plan and switching to a 401K. I am just curious. in the absence of a named plan administrator what , if any, options do I have to redeem or transfer my funds to an IRA. This involves considerable money and I am somewhat anxious about how long it will take them and what problems could arise. Thanks fca

[ERISAnut]

This shouldn't take long as the employer should have someone to sign and attest to the fact that you have incurred a distributable event (i.e. terminated). Not to do so would constitute a failure to enforce your rights under the arrangement. I would have already called to Department of Labor had it been me. When you have a right to a distribution, nothing should impede that right; unless the proper Sarbanes Oxley notice has been given.

Call the DOL.

[Locust]

On a more technical note, under ERISA in the absense of a designated plan administrator, the employer is the plan administrator. The insurance company/mutual fund just wants someone to sign. If the employer won't do it, this is a warning sign, and I would demand that it sign immediately. Have you gotten a recent account statement diretly from the insurance company/mutual fund? Does it look ok? If not, that is a huge warning sign.

[Guest fca]

Thanks so much for your reassurance. Yes, I have been getting regular statements from the Custodian ( Vanguard ) I understand the "Employer" is going to act as the plan adminstrator. It should be wrapped up this week. I spoke to the CEO who I do trust. It just seemed to be taking way to long. Once Again thanks for your thoughts and information fca