Employer withholding 401K info

[Guest mel63129]

Long story short: I recently quit my job and called the company that the 401K is through to see how long it would take to get the check (paperwork was already turned in). I had the plan ID number (from my employer), but aparently that wasn't the info I needed. I called my employer back to get the correct info, but they wouldn't give it to me. They said that all I need is the plan ID and my SS#. I called the 401K company several times with this info, and each person I spoke with told me that I need more info.

So, my question is: Does my previous employer legally have to give me that info?

Thanks!

[J Simmons]

Send a written letter addressed jointly to the 401k company and your former employer, demanding payout and copies of all documents governing the plan (specified by name and three-digit number, if you have it). I would send it certified mail. The 'plan administrator'--whichever one of them that may be as specified in the plan documents--has 30 days to get you the documents requested. If the employer is the 'plan administrator' it has the obligation to get the payout process going; if the 'plan administrator' is the 401k company, then it has the obligation. You should not be ping-pong'd back and forth.

[Guest mel63129]

Send a written letter addressed jointly to the 401k company and your former employer, demanding payout and copies of all documents governing the plan (specified by name and three-digit number, if you have it). I would send it certified mail. The 'plan administrator'--whichever one of them that may be as specified in the plan documents--has 30 days to get you the documents requested. If the employer is the 'plan administrator' it has the obligation to get the payout process going; if the 'plan administrator' is the 401k company, then it has the obligation. You should not be ping-pong'd back and forth.

Thanks for the info! I already have the paperwork turned into the 401K company and it is "processing" so things are on the right track. However, I really need the money and was just wanting to know how long until the check gets mailed. So, technically my previous employer did send in the paperwork, but they won't give me the info I need to call and verify the status of the check. The plan administrator is my former employer.

[JanetM]

Mel if the distribution is pending normally it would be very soon. Your question should be how often do they process distributions? Daily, weekly, monthly?

[Guest mel63129]

Thanks Janet, I didn't think of that!

[david rigby]

Perhaps it is worth considering a few other issues that could be relevant:

- (1) When is a participant entitled to a distribution? For some plans, it might be "end of quarter following separation of employment", or "end of plan year following ...". Don't assume it is "immediate" unless you already know.

- (2) What is the process for completing a distribution? Most plans have some "paperwork". This is reasonable, and is for the protection of both the plan and the participant, to ensure the proper entitlement, address, name, etc. Often this process means a little extra time, but not a lot.

- (3) The plan sponsor may be checking its records to make sure no QDRO is "in play".

- (4) As Janet says, what is the frequency for processing payments?

- (5) Most plans will offer a cash payment (minus automatic tax withholding) or a direct rollover to an IRA. It usually anticipates the participant will make an affirmative election of either, thus making it part of (2) above.

- Other issues I've forgotten?

[Kimberly S]

Mel if the distribution is pending normally it would be very soon. Your question should be how often do they process distributions? Daily, weekly, monthly?

...or in some cases quarterly or even annually.

[BG5150]

If your money is with a reputable company, you should only really need your SSN and the name of the plan. The operator should also ask some followup identity questions like address, date of birth. Then he or she should be able to look up your account and give out information.

Do you maybe have access to your account online? Check your latest statement, the information you need might be right there.

The plan ID could be a couple of things: The IRS plan number, which is usually 001, 002, 003... or the plan number the record keeper uses to identify your previous employers accounts. The first you probably wouldn't need.