lou22 Posted November 10, 2022 Posted November 10, 2022 My employer switched 401K providers. The new provider had the same funds I was in. Instead of using the ACATS To transfer my shares they mapped my funds, sold them off and bought them back the next day. I ended up losing shares because the market went up while I was out. I've lost about $6000 in the transaction. Do I have a claim to get my shares back?
401king Posted November 10, 2022 Posted November 10, 2022 Not if you received the required Blackout Notice. R. Alexander
lou22 Posted November 10, 2022 Author Posted November 10, 2022 I recieved the black out notice and it said my funds would remain invested during the blackout.
ESOP Guy Posted November 10, 2022 Posted November 10, 2022 I have never seen a transfer like you are talking about happening as shares vs they are sold at one fund on day 1 and the cash is invested on day 2. Nothing they did was unreasonable and is industry norm so I can't imagine a path to legal recourse. But I am a CPA not a lawyer. Lou S. 1
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