401k Interim Valuation

My former employer has a pooled 401k account which issues an annual statement in early Spring. I retired at end of last year and had planned to rollover my money into an IRA in January but discovered that I could not request a distribution until the annual statements were issued. By the time I was allowed to request the distribution the market had tanked and my request was denied. Now I'm told that the company will be doing an interim valuation for all participant accounts including mine. Is this legit?

4 hours ago, Ballangen said:

My former employer has a pooled 401k account which issues an annual statement in early Spring. I retired at end of last year and had planned to rollover my money into an IRA in January but discovered that I could not request a distribution until the annual statements were issued. By the time I was allowed to request the distribution the market had tanked and my request was denied. Now I'm told that the company will be doing an interim valuation for all participant accounts including mine. Is this legit?

Absolutely; we are preparing many of the same for our clients.  I will assume that the plan as written provides all the necessary language to allow (no, probably, require) it as an appropriate fiduciary response to the situation.  

But it's not as if you don't have options.  Read the SPD - request one if you are not sure you have a current version.  If you have more than $5000 in the plan you can probably delay the distribution.  Perhaps you can take less than your entire amount.  Find out what date they plan to use for the interim valution.  How much is this likely to effect your account balance?  $200?  So what, move on.  If you are looking at 10's of thousands and they are telling you that you have no options, hire an attorney and make sure you have all the facts and  know your options so you can make the best decision for you.