401k plan terminated, company will not let employee get access to his account.

Hello Sir,
The problem I'm having is my company terminated my 401k plan, and they will not allow me access to the account to roll it into an IRA or CD.
They terminated the plan without telling me,and refuse to answer any of my questions.It has been 11 months of phone tag and the runaround,It bothers me a great deal that I cannot get to my account,they keep telling me the account is frozen.I really need help with this. Thanks Greg Montalbano

1 answer  |  asked Oct 9, 2001 09:52 AM [EST]  |  applies to New York

Answers (1)

David M. Lira
401k is Protected

The Employee Retirement Income Security Act ("ERISA")will protect what is in the 401k plan.

What you should first try to get is a copy of the "Summary Plan Description" to the 401k. You should be able to get that from either your employer or the company (bank, insurance company, or whatever) where the money in the 401k is placed. You are entitled to a copy of the SPD, and refusing to give it to you may, by itself, be a violation of law.

In any effort to get your money, the SPD will contain vital information.

If you have difficulties getting the SPD, or continue to have difficulties getting your money, you can go into federal court.

posted by David M. Lira  |  Oct 10, 2001 11:54 AM [EST]

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