How do I obtain 401k information to roll over to an IRA?

[Guest sgray]

I wish to roll over my 401k that I had with a previous employer to an existing IRA. The bank administering the IRA needs some information, mainly the name of the custodian and the account number. The ex-employer refuses to provide that information, so I have no way to access my 401k money. Is there any way that I can force the ex-employer to reveal the information, short of a civil lawsuit?

[Guest ERead]

Break out your original enrollment package and find a copy of the "Summary Plan Description(SPD)". You should have received at least one copy of that document if you were participating or eligible to participate. Some where in that document (varies by provider type) there will be a reference for you. There should be a contact and address information on requesting information. You will more than likely need to fill out your prior employers forms for distribution before they will allow you to remove any funds from their plan. You may also not be eligible yet to recieve your funds. The SPD should also have a section on terminated payments. You may have to wait a year after separation, or at the extreme, you may not be able to recieve your money until you reach the plans retirement age (usually somewhere around 65).

Good luck.

[Kathy]

Also, if you have any old statements from the 401(k), they may prove helpful. We always request a copy of the most recent statement for an idea of what amount will be rolled over and from whom to expect it, etc...

[Guest sgray]

I never received a SPD, or any other paperwork of any kind. Neither I or any other employee has ever received a statement. Some have been on the plan for over 3 years.

All that I, or the other employees have, are paystubs showing withdrawals purportedly for a 401k plan. We have no idea where the money actually went. The money may have gone for someone's Bahamian vacation for all we know.

As to waiting until I'm 65 before I receive any money, I doubt that I'll be any more successful then than now. Indeed, with the rate of company mergers and closings, what little information that I now have may be gone. At least at the moment I know where the company is located.

Are 401k's not regulated by some governmental agency somewhere? Surely there must be some provision for a complaint or grievance, some way to get one's money out. Otherwise all of us 401k contributors are just throwing our money away on a legal scam.

[Guest ezollars]

I would suggest asking for the materials mentioned by others in this post from the employer. I would send the request by certified mail, return receipt requested. If you are turned down, or nothing happens, then I would suggest having an ERISA attorney write asking for the same information (as well as giving him the evidence that you were not given the information requested). Sometimes the mere appearance of an attorney will remove logjams that otherwise seem to be there.

As others have noted, in the worst case you might have no option but to leave the funds there until normal retirement age.

I do have one question though--if you were never given information on the plan and received no statements, why did you ever agree to make contributions to the plan or allow contributions to continue to be made?

[M R Bernardin]

I don't understand why your employer would refuse to give you information regarding the plan's assets, even if you were not yet entitled to a distribution/rollover. Definitely put your request for information in writing, and maybe call the Department of Labor as well.

[Guest RS Vatalaro]

The Dept of Labor (DOL) does look into these types of inquiries (as long as you have reasonably tried to contact the employer as suggested above) - if you need address/phone of the DOL feel free to e-mail a request to me (include the state you live in please).

rvatalaro@earthlink.net

[Guest VFernandez]

I am amazed to learn that an employer out there is offering a 401(k) plan without complying with the basic requirements as mandated by ERISA. Everyone's help above is very useful accurate information, and I hope if someday I have a question, you guys can contribute.

Here are my two cents: based on the facts you provided above, your previous employer applied unauthorized deductions to your paycheck. An employer cannot deduct 401(k) contributions without written authorization.

I suggest you go back to ERead's advise, if you were not given any paperwork and you didn't authorized a 401(k) deduction from your paycheck in writing, then you should follow EZollars and RS Vatalaro on the same day. Furthermore, I suggest you get in touch with other employees from that company, maybe your package fell through the crack, maybe somebody is enjoying a vacation, with your retirement money.

[Guest JimD]

I basically agree with ERead that you want to get the forms you need to withdraw your money if you are eligible. I'm not sure why your IRA bank needs the name of the 401k custodian or any account numbers. The 401k plan would need your new IRA account number and name of your bank to send your distribution check to.