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My boss is withholding my 401K after I left the company.

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jray702

Junior Member
What is the name of your state (only U.S. law)? Illinois

I left my job over a month ago but I couldn't touch my 401k because my former manager would not fill out the Employee Termination Form. This is needed by the company that manages my 401k so I can touch it, withdraw it, roll it over to an IRA, etc. I've been emailing his boss too but nothing has happened. Is what he's doing legal? What can I do about it? Can I sue over it? Thanks in advance.
 


xylene

Senior Member
What is the name of your state (only U.S. law)? Illinois

I left my job over a month ago but I couldn't touch my 401k because my former manager would not fill out the Employee Termination Form. This is needed by the company that manages my 401k so I can touch it, withdraw it, roll it over to an IRA, etc. I've been emailing his boss too but nothing has happened. Is what he's doing legal? What can I do about it? Can I sue over it? Thanks in advance.
What did the 401k company say when you informed them that you left on bad terms and they refused to sign your paperwork?
 

cbg

I'm a Northern Girl
Please also keep in mind that not all 401k plans allow for immediate distribution. Some allow for it only quarterly, semi-annually, or even annually. If your plan, as defined in the SPD, allows for immediate distribution then by all means file a complaint with the Federal DOL immediately if not sooner. However, if the distribution is less often, you might want to hold off on a complaint since if that is the case, your employer is not obligated (in fact, cannot) allow you to rollover or cash out the funds until the next distribution time.
 

jray702

Junior Member
The financial company allows me to touch my 401K as soon as they receive the update from my former company. I will file a complaint. Thanks
 

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