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Timely Manner

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phishingcoast

Junior Member
What is the name of your state?fl

I left my job 3 months ago. When I left I filled out the paperwork to cash out my 403b. I called the retirement company to ask them the status of my cash out request, they said that they were waiting for the trustee signature. I waited another month and sent my former employer a second request certified mail. It has been three months now and the trustee has not signed my request. What more can I do. Are there laws for "timely signatures"
 


cbg

I'm a Northern Girl
A lot depends on the wording of your plan document.

For example, I used to be the employer administrator for a plan that only allowed distributions once a year. (It didn't stay that way long after I took over, btw!) But until I was able to change the plan document, if you applied for distribution in February and the annual distribution had been in January, you wouldn't receive your distribution until the following January, 11 months later. In that case, it wouldn't matter when the signature was attached, as long as it was done in time to distribute the funds the following January.

On the other hand, once I'd changed the plan document to allow for immediate distribution, we were obliged to be as timely as possible.

In other words, whether they are in compliance or not timewise, depends on what the plan document allows for.
 

phishingcoast

Junior Member
Thanks! I have go through my summary plan description and there is nothing about a time frame of when claims can or can not be processed. I did find somthing that was interesting "if you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or federal court" I do not want to go court I just want my money any advice for getting my former employers attention and at least respond to my requests.
 

cbg

I'm a Northern Girl
Another option, instead of filing suit in court, is to file a complaint with the US DOL. That's usually enough to get the employer's attention.
 

phishingcoast

Junior Member
Thanks, I will send them another request if I dont hear anything I will then file a complaint. I like my former employer but this is taking way to long.
 

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