G
Gordon78
Guest
What is the name of your state? New Jersey. We work for a company in NJ that went bankrupt. We had an ERISA covered 401-K plan. Because the company went bankrupt and did not make the last matching contribution the administrator would not release the funds to us. Some of the employees agreed to make the matching contributions which would be applied to the participants accounts pro-rata. After the administrator has received all the matching contributions they will release the funds to the employees. I need to pay Approx $335.00 to receive $8,300.00
1) Is this legal.
2) What recourse do I have if I pay and some other employees do not and the company still holds on to the funds.
3) Why wouldn't the administrator send each participant their funds without the employers matching contribution for that participant. It was only the last few matching contributions that were left out.
Thank You for any help you can give.
1) Is this legal.
2) What recourse do I have if I pay and some other employees do not and the company still holds on to the funds.
3) Why wouldn't the administrator send each participant their funds without the employers matching contribution for that participant. It was only the last few matching contributions that were left out.
Thank You for any help you can give.