J
jodee
Guest
A few years ago I worked for a company that had a pension plan. This company moved out of state (Michigan) and let all of their employees go. Finally after eight years, I received a notice that they were distributing the pension and I could put it in an IRA with no tax, or have a check come directly to me with a tax consequence. I chose to have my pension sent to a Mutual Fund for an IRA deposit. I received a confirmation from the Mutual Fund company that the trade date was May 5th and the settlement date was May 8th. Today, May 11th, I receive a phone call from the Mutual Fund company telling me that the company issuing the pension fund check had stopped payment on the check because it was the wrong amount and since they had invested the funds and the fund had lost value, that I owed them the amount of the loss, which is around $500.00! Can this possibly be right? The Mutual Fund will call me tomorrow, May 12th with the exact amount for me to pay. It seems to me that the Mutual Fund company and the company that issued the pension check should be the ones to correct this problem. Is it possible I will have to pay the loss? Thanks in advance for your reply.
[This message has been edited by jodee (edited May 11, 2000).]
[This message has been edited by jodee (edited May 11, 2000).]