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    pslcarol's Avatar
    pslcarol Posts: 3, Reputation: 1
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    #1

    Aug 27, 2010, 01:05 PM
    Company sold closing 401k
    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.
    pslcarol's Avatar
    pslcarol Posts: 3, Reputation: 1
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    #2

    Aug 27, 2010, 01:08 PM
    Company sold closing 401k
    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??
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Aug 27, 2010, 01:10 PM

    Have you talked with the administrator?
    pslcarol's Avatar
    pslcarol Posts: 3, Reputation: 1
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    #4

    Aug 27, 2010, 01:15 PM
    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.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Aug 27, 2010, 01:16 PM

    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.
    zelophehadwebster's Avatar
    zelophehadwebster Posts: 37, Reputation: 4
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    #6

    Aug 27, 2010, 01:17 PM

    I think you should sue them
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #7

    Aug 27, 2010, 01:18 PM
    Quote Originally Posted by zelophehadwebster View Post
    I think you should sue them
    On what grounds?
    zelophehadwebster's Avatar
    zelophehadwebster Posts: 37, Reputation: 4
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    #8

    Aug 27, 2010, 01:18 PM

    Normally legal proceedings take over 90 days.
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