I have recently started the rollover process from my former employers 401k/profit sharing plan (MassMutual) to my current one (Fidelity). The problem that I am having is the "vested" amount that is reflected on my statements is showing 80% and the amount that they paid out was only 60%. I have contacted my previous employer and they have stated that since I was only employed for 4 years that my vesting amount is 60%. They have recognized the error made by MassMutual reflecting the wrong vesting and they are apparently OK leaving it at that. I requested a copy of the summary plan description and they sent me one but it's a revised version. I have also requested the original version and they said they could send it to me but I would have to pay for it. My question is do you think I have anything to go on as far as trying to collect the additional 20% vesting that they took back as a forfiture? I hope I'm making some sort of sense, this is all rather new to me! I would greatly appreciate any help you can give me. THank you - Melissa Marvin

The answer will lie in their published policy for the vesting percentages - and forfeitures.

If they mistakenly told you you were 80% vested, then you probably cannot pursue them for it.

If some bozo is just not doing their job right, though, I'd complain right up the chain of command until you reach someone who will correct it.

Hi,
I seriously doubt if you can collect anymore than they have already rolled over. Just because your former employer made a mistake, or the plan made the mistake, really couldn't be used to get more money.
If you do want to find out for sure, then see a lawyer.
Best of luck,
fredg

I'll beg to differ.
If it is the policy that your time there awards you 80% vesting, then you're legally entitled to that money.

If you are legally entitled to the money, and someone has just goofed, then you probably only need to point the goof out to the right person in the organization.

... ie, complaining up the chain of command.

I guess I really need to get the original copy of the summary plan even if they make me pay for it - which in itself seems rather strange to me. Thanks for all of your advice I really do appreciate it.

Absolutely. Even if they charge you a hundred bucks to get it, that's a lot cheaper than an attorney.

I am optomistic. If you show them, from their own written plan, that they are withholding money that's yours, they'll come around.

I would recommend asking your employer to review your work history to determine your years of service under the plan. Compare your YOS to the vesting schedule to make sure you were paid out at the proper vesting %.

I would recommend asking your employer to review your work history to determine your years of service under the plan. Compare your YOS to the vesting schedule to make sure you were paid out at the proper vesting %.


You are addressing an August of 2005 post - time to close this thread.