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    cellie's Avatar
    cellie Posts: 2, Reputation: 1
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    #1

    Aug 24, 2006, 07:32 PM
    401k Withdrawl
    Does anyone know if there is a time frame in which my previous employer has to deliver my 401k withdrawl to me once I have requested it from him? It seems to be dragging on way too long. What legal action can I take?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Aug 25, 2006, 05:50 AM
    Depends on the plan. Some plans only process transactions on a quarterly basis. What does the administrator say about it?
    cellie's Avatar
    cellie Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Aug 25, 2006, 07:59 AM
    The administrator told me it would only take 3 days to processes the transaction once the paperwork was received by my former employer, however my former employer is taking his sweet time completing the paperwork (4 months!). There seems to be a problem with the IRS distribution code. He sent the wrong one. How do I find the correct IRS distribution code? Is there a way to look it up?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Aug 25, 2006, 08:54 AM
    Do a WEB search on 401(k). If the admin told you it would take 3 days, then you need to start making threats to report this to the IRS.

    However, why are you taking a withdrawal? Are you, instead referring to a distribution upon termination of employement? Are you going to roll it over into an IRA or are you eligible for distribution? If you are just going to roll it over you should not be in any hurry.
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