Ex-Employer owes 401k company money.

What is the name of your state: California

(i posted this in Broker & investment Laws, but i think it fits better here)

What is the name of your state: California

I had a 401k plan through an ex-epmloyer.... I have not contributed to the plan for over 2 years. I Recently inquired about my funds and rolling it over or Cashing it out. The 401k company informed me that my ex-employer owes them money for the plan. And i can not transfer my funds until the money is paid.

Is this true?

I was wondering if anyone could give me some advice, What are my options?

She told me to call the labor board and call the owner of the previous employer to tell him to contact the 401k company. The company I worked for recently went under.

What can i do to get my money?

Any assistance is greatly appreciated!

The 401k adminstrator already told you what to do. Why are you wasting time with us?

Pick up the phone. Call the Federal Department of Labor. Do not pass go. Do not collect $200.

I don't have the phone number offhand but when Beth gets here I think she does.

Call the federal Department of Labor. I haven't run into this kind of situation specifically but it seems to me that you should be able to withdraw your own contributions. If the employer failed to make the contributions they were obligated to make under the terms of the Plan or the employer owes the investment advisor for adminstrative fees, that's not your problem.

202-693-4650

By the way, if the employer failed to make mandatory contributions under the terms of the Plan or it appears he diverted employee contributions into general assets, be sure to tell the DOL that. That's the kind of thing for which business owners go to prison - and rightly so.

Thank you beth for your help....

I wasted my time here because I am at work, and unble to make long calls (Labor Board), but i can be sneaky and ask on the forum.

Also the person i spoke to at the 401k company was rude, so i was not sure if she was just brushing me off. She wanted me to find the owner and have him pay them, like im some kind of Bill Collector.

So i thought i would see what kind of a response google would give me, Google led me here.

I will Call The labor board Asap, And fill list my progress on here.



thanks again.

You're welcome. But just to be clear, cbg and I are telling you to call the FEDERAL DEPARTMENT OF LABOR, not CA's Labor Board. The State may also take exception with what your ex-employer did but the federal DOL is definitely who you want to contact. They're the "big guns" and they have jurisdiction over employer's group health and retirement plans.

Good luck.

I was just teasing you about the time wasting. By all means check out any info you aren't sure of with us. We'll make sure you're on the right track.

Sonja, the reason nobody responded to your post is probably because you piggybacked it on to someone else's. If you expect a response to a question, you need to start your own thread.

OK, then how about this? It's not proper bulletin board etiquette to piggyback onto someone else's thread.

I give up. You stated what would be the SOL in "this" case. Then you proceeded to tell your own story, implying that you wanted responses on your own situation as you described it.

The rules of this forum are not unique; they are standard on the internet. I have noticed that no one has responded, though. And, with this response, I wash my hands of this entire thread.