Having trouble rollover 401k from former employer

Ming Hu · #1 Apr 16, 2007, 11:47 AM

I've been calling my former employer for weeks to request a direct rollover from my 401k account to my personal IRA account. It happened that the owner of the company was the trustee for all 401k accounts. So I was directed by the account management company to call him directly for the rollover. However, I've called him at leat five times and left him messages and faxed him a formal request for the rollover and he never replied to my request.

I am wondering if anybody here had the similar experience and knew how handle the situation. I had no problem

with several other rollovers.

Your help would be greatly appreciative.

Ming Hu

RichardBondMan · Apr 19, 2007, 06:48 PM

If it's a substantial amount, (and only you can determine "substantial"), I would contact an attorney. Might want to contact the Pension Benefit Guaranty Corporation (Federal Agency) to see if they can guide you on best way to handle. I would not call him anymore, rather I or someone you choose such as attorney should send a written request.

ebaines · Apr 25, 2007, 08:17 AM

I have personally rolled three 401(k) plans to rollover IRAs, and in all cases I let the investment company where the IRA is handle everything - I personally never had to contact the former employer. You are better off letting your IRA investment firm handle this, because that way the money goes directly from the 401(k) to the IRA. If you personally receive a check from your former employer's 401(k), you will need to be very careful to avoid getting hit with a 10% penalty. which will be due if you don't get the money properly rolled into your new IRA within 30 days. All of the major investment firms (such as Fidelity, Schwab, Vanguard, etc) allow you to initiate the rollover from their websites. One other thing - be sure not to mix the 401(k) money with any existing personal IRA accounts. - you should have separate accounts for your traditional IRA and your rollover IRAs.

jmichaelgreen · Jun 26, 2007, 08:27 AM

Write a letter to the Department of Labor to report the problem. Enclose all of your previous requests made of your former employer.



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