Former employer dragging feet on 401K rollover

[gabrewer]

Hi all;
First let me say I already searched the forum for info on this and could not really find it. It may be there somewhere, so my apologies if I'm being redundant. Anyway, I and some of co-workers have 401K balances with a company we used to be a subsidiary of. That company was bought out over the summer, and we received notices that the our 401K plan was being terminated and we MUST send instructions by the end of August as to how we wanted our balances handled. Most of us chose to rollover to Vanguard -- who we have our current retirement plan with -- and dutifully sent our rollover instructions in a timely manner. It is now October 1, and the funds have yet to be transferred to Vanguard. In looking at info on the web, it does not appear to me there are any definite regulations as to how quickly a company must carry out rollover instructions. Is anyone out there more informed on this than I am? Is there anyone I can complain to if this goes on -- labor department, etc.? Thanks for any and all info.

 

[pb4uski]

Call Vanguard. Perhaps they can call on behalf of a group of customers who have told them to expect some rollover money. Worst case, they can tell you who to complain to.

 

[samclem]

Call Vanguard.

+1. They have an interest in receiving the money, and can probably move things along.

 

[heirloom]

Yes,

Vanguard will do the paper work for you. Let them know and they will fill forms out and you sign them then send it to your 401k company. Or, you can do it electronically also.

 

[MRG]

I agree with calling Vanguard or whomever you want to roll it to. Some Megacorp's only do rollovers a limited number of times per year. I've seen it go from 12/31/YY to an every month rollover(watch the, must be received by date). Your HR/ compensation/or plan administrator should be able to provide that information.