401 K Fudicairy Responsibities

[poiduke]

What is the name of your state (only U.S. law)? IL company based in Ga

My company filed Ch.11 re-structure in Dec. 2010, On 3/12 we were termed and signed offer letters for new company on 3/15 as new employees. we received an e-mail on 3/11 after work hours telling us our 401K plans we termed. It's stated in the e-mail that we will have options once a letter of determination is approved by the goverment, which can take many months. Until then we can't touch it. We feel that the company has a fudicary respondsibilty to make us aware of the fact and allow us to make decesions before this black out. For example there are a number of employees that were in the process of buying a home, they were going to take a hardship for the down payment. Or they were termed quite suddenly and thinking they would, or could have this money if it came to that point.
Thank You

 

[swalsh411]

When does the blackout take/took effect?

edit: You are supposed to receive at least 30 days notice per the Sarbanes-Oxley Act of 2002.

 

[poiduke]

We were notified via an e-mail on 3/10/2010 sent after employees in the east and central time zones were gone home for the day. On Thursday morning 3/11/10 we opened and read the e-mail telling us that the 401k Plan will terminate on 3/11/10. I called Prudental after reading the e-mail and they comfimed that the Plan was blacked out and no deferrals or receive contributions would be permitted. What action should have taken place? What re-course do we have?
Thank you for your time.