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stormenjude · Jul 11, 2009, 12:31 PM

I retired on 12/31/2008 . I notified my employer and was told that I would receive the funds from my 401k in June 2009. I have been in contact with the company and so far I am getting the run around. Is there a certain amount of time in which these funds must be released?What can I do?

twinkiedooter · Jul 11, 2009, 12:33 PM

You say you retired but you didn't state your age. Your age has more to do with you collecting your 401K than if you retired or not.

stormenjude · Jul 11, 2009, 12:41 PM

Twinkie - I was 62 at my retirement

Perito · Jul 11, 2009, 01:08 PM

What's the question? You can take money out of the 401K (after age 59 1/2) without penalty whether you've retired or not. Remember that the year you take the money, you will pay income tax on it so don't take out more than you need for any given year.

ScottGem · Jul 11, 2009, 01:36 PM

To post a follow-up please use the Answer this question options, not asking a new question. As you can see without seeing the original question your second post made no sense.. I have merged the threads for you.

This is usually bound by the rules of the plan. Some plans value the accounts at at specific intervals so can't issue a check before then.

stormenjude · Jul 12, 2009, 09:30 AM

not really. I've been in the plan for 20 years and can't find the original papers. There should be a time limit. They are saying that the 401k has lost a third of its value since the first of the year. I would think that ists value should be the amount that I retired with.

ScottGem · Jul 12, 2009, 03:26 PM

Originally Posted by stormenjude

I would think that ists value should be the amount that I retired with.

You think wrong. The value of your distribution is the value of the plan at the time of distribution, not the time of retirement. The time of distribution should be the next valuation period after you apply for the distribution. As I said, some plans are valued on a monthly, quarterly or even semi-nanual basis. Most plans have lead time so you have to apply for a distribution x number of days prior to the valuation period.

ebaines · Jul 13, 2009, 06:28 AM

Which company have you been in touch with? You should be working with the plan administrator, NOT your former employer - do you know who that is? Are these the people who are giving you the "run around?" And what exactly are they saying?

stormenjude · Jul 13, 2009, 09:41 AM

Originally Posted by ScottGem

You think wrong. The value of your distribution is the value of the plan at the time of distribution, not the time of retirement. The time of distribution should be the next valuation period after you apply for the distribution. As I said, some plans are valued on a monthly, quarterly or even semi-nanual basis. Most plans have lead time so you have to apply for a distribution x number of days prior to the valuation period.

Thank you