[cheychey]

My husband has a 401k with a former employer. It was doing really well, so he opted to leave it there. Well, he received his 3rd quarter statement and it has a zero balance. He called the plan administrator and left a voicemail. She called him later and left him a voicemail stating that all his funds were transferred to another plan and he would get a statment showing the transfer next JULY. Aren't they supposed to notify us of any changes?

We never received any notices at all! This is just not sitting right with us, at all. I am definately not willing to wait until next July to make sure his money is there.

I told him to call her tomorrow and get some form of confirmation that this transferred happened and the paperwork in order to roll his money to either his 401k with his current company or an IRA.

Sorry this is so long, but we are just beside ourselves on this.

Thank you in advance for any information.

[RuthC]

Yes, the employer is required to tell you if they are transfering your assets to another plan and/or administrator. In fact, they have to give you notice in advance.

If they did this in July, you should have your 3rd quarter statement by now.

Call them back tomorrow.
Tell them you want a statement faxed to you immediately.
Tell them to give you the name and phone number of the administrator.
If you hit a wall, ask to speak to the HR Manager. If that doesn't work, keep going up the chain of command.

[cheychey]

Thanks Ruth,

I thought they were supposed to notify us. The transfer was done on 08/30 and they say we won't get a statement on it until next July...this is where I really have a problem. I can't sit here and worry for 9 months!

[RuthC]

That response was way off on their part. You have very specific rights under ERISA and the Department of Labor will enforce those rights.

Ask for the:

Name and phone number of the "Plan Administrator"
Name and phone number of the company who holds the assets
A copy of the summary plan description

If you need some additional support or help, email me at easter36@aol.com and I'll give you a hand.

[drjeanne]

Vicky,
Bless your heart! I read your post and nearly fainted! I can't imagine opeing that and reading my 401K had nothing in it! Goodness me! I'd have given the person you talked to a good talking to when I called! Thank goodness Ruth is knowledgeable and willing to share with you! I wonder sometimes who these companies think we are! I guess they just think they can push and push and push and get away with it! The reality is someone simply made a mistake and didn't send out a statement but, boy they don't realize what a little mistake on their part means to those who had to work their tail ends off for the money do they? Please keep us updated on what happens! I'm sure there are many on here who have 401K's who would be grateful for the information should it ever happen to them! I'm one of them!

Thanks and good luck to you!
Jeanne