401 k

[CEMc]

What is the name of your state (only U.S. law)? PA
An old employer just took approximatley $2,000.00 out of my 401 K. I left employment at that company on December 31, 2003. I believe I started work there officially either on January 1, 1998 or January 1, 1997 ( I joined with 2 other people) but we moved in to the offices in late December. Anyhow, they just took these funds out of my 401 K. without any notice or authorization. The problem is that I have no understanding of what they have taken or why. I suspect that they are disputing whether or not I was fully vested. The plan vested you 20% a year. Regardless, either I was fully vested or 80% vested when I left the company and they did not make any significant contributions to the plan except for my first year of employment. How do I find out what they took out--how they calculated the amount and whether they used the correct vesting amount?
I am going to have to check my SS report to determine what years I worked at that company. Finally, how do I protest the amount taken if I think the amount taken out was incorrect?

[Antigone*of*Greece]

Originally Posted by CEMc

What is the name of your state (only U.S. law)? PA
An old employer just took approximatley $2,000.00 out of my 401 K. I left employment at that company on December 31, 2003. I believe I started work there officially either on January 1, 1998 or January 1, 1997 ( I joined with 2 other people) but we moved in to the offices in late December. Anyhow, they just took these funds out of my 401 K. without any notice or authorization. The problem is that I have no understanding of what they have taken or why. I suspect that they are disputing whether or not I was fully vested. The plan vested you 20% a year. Regardless, either I was fully vested or 80% vested when I left the company and they did not make any significant contributions to the plan except for my first year of employment. How do I find out what they took out--how they calculated the amount and whether they used the correct vesting amount?
I am going to have to check my SS report to determine what years I worked at that company. Finally, how do I protest the amount taken if I think the amount taken out was incorrect?

Have you contacted the old employer and inquired as to why they took the money?

[Beth3]

How do I find out what they took out--how they calculated the amount and whether they used the correct vesting amount? You start by calling your former employer and/or the investment advisor and asking.

Are you SURE that the employer withdrew 2K from your 401(k), as opposed to the investments in your account declining?

[CEMc]

Yes, I have checked with the employer. Apparently, the former benefits administrator has retired and they hired a company to review the existing 401 (k) and look to do the forfieture proceedings. Then instead of contacting people regarding the status of their vesting. (I haven't recieved any notice regarding vesting in seven years even though I recieve my regular 401 (k) quarterly statements through the mail.) They simply took the funds out of the accounts without allowing me (or I suspect other former employees) to dispute or question amounts. I suspect their record keeping on this issue is somewhat spotty because of the time that has past.

[mlane58]

Originally Posted by CEMc

Yes, I have checked with the employer. Apparently, the former benefits administrator has retired and they hired a company to review the existing 401 (k) and look to do the forfieture proceedings. Then instead of contacting people regarding the status of their vesting. (I haven't recieved any notice regarding vesting in seven years even though I recieve my regular 401 (k) quarterly statements through the mail.) They simply took the funds out of the accounts without allowing me (or I suspect other former employees) to dispute or question amounts. I suspect their record keeping on this issue is somewhat spotty because of the time that has past.

If you feel the employer isn't being cooperative in finding the answers, contact the US DOL and file a complaint.