How Much Time Does Employer Have To Distribute Funds After Employee Requests Funds

[Guest curtis1007]

I have requested my 401k Plan to be terminated due to a financial hardship back on 4-1-10. I submitted my plan's form to my plan administrator back on

4-1-10. I marked the box to have tax withheld from my funds before the check is sent out. I still have not received my funds and it is 6-8-10. How long can my company take to return my funds to me? My plan administrator said they are holding the funds until 6-30-10. Can they do that? Also, the market has dropped drastically since 4-1-10. I have lost a LOT of money due to my company holding my funds. Any way to make them return my balance when originally requested on 4-1-10?

[K2retire]

The timing for distribution processing is governed by the terms of the plan and the limitations of the underlying investments. You should be able to find more information in the Summary Plan Description.