401k plan closed?

[bzman]

What is the name of your state? NJ

I work for a company in PA but live in NJ. The company was sold to new owners 20 months ago. At first they continued to deduct and deposit our 401k money. About a year ago we were told that the former owner had still not transfered ownership of the 401k plan over to the new owners. Because of this, the plan provider told us that they would no longer accept contributions. The present situation is, we are being told that the previous owner will not sign it over so therefore we are shut out of a plan and/or our money until he does.

Can we as employees do something to move this forward??

Can we rollover the money into indivual IRA plans??

Thanks,

BZManWhat is the name of your state?

 

[moburkes]

You should be able to call the investment company's 800 customer service # for assistance. I think there are a few people here who can answer your question, but you'll need to wait for them to see it.

 

[Beth3]

What is the name of your state? NJ

I work for a company in PA but live in NJ. The company was sold to new owners 20 months ago. At first they continued to deduct and deposit our 401k money. About a year ago we were told that the former owner had still not transfered ownership of the 401k plan over to the new owners. Because of this, the plan provider told us that they would no longer accept contributions. The present situation is, we are being told that the previous owner will not sign it over so therefore we are shut out of a plan and/or our money until he does.

Can we as employees do something to move this forward??

Can we rollover the money into indivual IRA plans??

Thanks,

BZManWhat is the name of your state?

Something's sure goofy here but I can't figure out what it is. The former company owner does not "own" the 401(k) Plan nor do I understand why the employees cannot continue to make contributions. I don't know where to even begin to guess at what's going on but I suggest you contact the federal Department of Labor. They have jurisdiction over employer sponsored retirement plans and they may be able to assist you in figuring out what's taking place. 866-487-2365.

You also might want to call the Plan Administrator first (the entity that runs the investment funds) and get an explanation from them first-hand before calling the DOL.

 

[bzman]

NJ is my state.

Thanks for the replies. Unknown to me at the time of the original post, an exemployee has already called the DOL and got them involved. At this point there appears nothing we as present or exemployees can do but wait for the DOL to proceed.

Thanks,

bzman

 

[ecmst12]

BTW, if you work in PA, then it would be the PA DOL, not NJ. Employment law is based on the WORK location not the home location.

 

[cbg]

For 401k plans it would be the Federal DOL. They are the regulatory agency since the 401k laws are Federal, not state.