[John Horecni]

I was left go from my job in December 2012. I have made numerous attempts to get my 401K money rolled over to my bank but I get no reply from my previous employer. Is it legel to hold on to my money. They have it in a holding company but that company can't release until they are given the approval from my former employer.

[ebaines]

The money is in an account that is managed by the 401(k) administrator (the "holding company" as you called it). They need notification from your former employer that you are no longer employed there, because the rules of the plan say that active employees may not take withdrawals. All I can say is - keep trying. The rules are pretty lax regarding how quickly employers must respond to requests like this, and it's not unusual for it to be at least severakl weks and maybe even months.

Are you planning to roll the account to an IRA managed by the bank? Or are you planning to take it as a withdrawal to use for expenses? If you're between the ages of 55 and 59-1/2 and are planning to take a withdrawal it would be best to not roll the account to an IRA first but rather withdraw directly from the 401(k).