Back in January, 2011, 1 year after retiring I rolled over my 401k to Vanguard from Schwab.
In January I got an email from Schwab saying my 401k statement was available. I assumed it was spam and deleted it, then the next one in April. I received another this weekend so I decided to investigate. The email said do not reply and click here to login to your account, so went to the Schwab site and found the employer 401k login site. It looked just like the site I used to login to when I was working and there was no option to contact them except via phone Mon - Friday or via secure message after logging in.
I decided to click the "forgot password" link and it prompted me for my userid and since I do recall the old userid entered it and it then prompted me with a challenge question which was an unusual question that I was sure was one that I had created so I answered it and got access to my account and set a new password.
Lo and behold there is a balance of over $900 and when I looked at the transaction history I see the account was zero until end of August when a contribution of just over $800 was made, listed as "Legal Settlement", and it has since grown to over $900.
This sort of "bank error in your favor collect $200 and advance to Go" event just doesn't happen to us so it is a very nice surprise, coming on the eve of a big vacation as well. I've googled and seen one or 2 other 401k settlements but not with my former company. I'm not too interested and assume it is probably a class action suit over excessive fees.
In January I got an email from Schwab saying my 401k statement was available. I assumed it was spam and deleted it, then the next one in April. I received another this weekend so I decided to investigate. The email said do not reply and click here to login to your account, so went to the Schwab site and found the employer 401k login site. It looked just like the site I used to login to when I was working and there was no option to contact them except via phone Mon - Friday or via secure message after logging in.
I decided to click the "forgot password" link and it prompted me for my userid and since I do recall the old userid entered it and it then prompted me with a challenge question which was an unusual question that I was sure was one that I had created so I answered it and got access to my account and set a new password.
Lo and behold there is a balance of over $900 and when I looked at the transaction history I see the account was zero until end of August when a contribution of just over $800 was made, listed as "Legal Settlement", and it has since grown to over $900.
This sort of "bank error in your favor collect $200 and advance to Go" event just doesn't happen to us so it is a very nice surprise, coming on the eve of a big vacation as well. I've googled and seen one or 2 other 401k settlements but not with my former company. I'm not too interested and assume it is probably a class action suit over excessive fees.