Company was sold. I am 64 years olf and would like to take distribution. The company closed June 30, 2010. How long before I can withdraw.

Company bought out and I would like to withdraw my 401k. I am 64 years old. It has been two months and my old company will not give me the papers to withdraw, they say they have to close account first??

Have you talked with the administrator?

Yes, and she says they are closing the business and we will get a packet for our 401K to do what we want with it (roll over or whatever). That is fine and dandy but it has been 2 months already. Should it take this long. I want to withdraw.

Yes it could take that long. Depends on the plan. Some plans are valued only quarterly so they might have to wait until the next valuation to allow for disbursement.

I think you should sue them

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Originally Posted by zelophehadwebster

I think you should sue them

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On what grounds?

Normally legal proceedings take over 90 days.