Michigan / New York
My former employer (NY) said I could leave my retirement money in his 401k plan until I retired, when I was leaving for another job opportunity in Michigan. I did. I have 20 years worth of statements showing a) my balances b) gains/losses c) that I'm 100% vested in the company profit sharing portion (as well as my own $ of course). Here's the problem: I got a check and a letter stating that they're closing my account, but the amount of the check doesn't jive with my statements. In reviewing my old statements I find that a few years ago a large withdrawal was made from my account with no explanation and I sure as heck didn't get that money! I contacted the 401k management company and inquired as to what is happening now and what happened to my money. They researched it (presumably with the old employer) and report back to me that I am not 100% vested. As I recall, when the original Defined Benefit Pension Plan was converted to a 401k, all existing employees were granted a 100% vesting status and any new hires would have a vesting schedule to follow. Anyhow, like I said, I have 20 years worth of statements, some on original company letter head when they were managing the plan, and other statements from several other financial firms that took over the 401k management over the years, all showing me 100% vested in all monies. So, to recap: just a few years back a large portion was withdrawn from my account with no explanation and now they're saying it was because I'm not 100% vested?! Something stinks here, and it's not right that someone has absconded with a lot of my retirement money. Can the old employer get away with this?
My former employer (NY) said I could leave my retirement money in his 401k plan until I retired, when I was leaving for another job opportunity in Michigan. I did. I have 20 years worth of statements showing a) my balances b) gains/losses c) that I'm 100% vested in the company profit sharing portion (as well as my own $ of course). Here's the problem: I got a check and a letter stating that they're closing my account, but the amount of the check doesn't jive with my statements. In reviewing my old statements I find that a few years ago a large withdrawal was made from my account with no explanation and I sure as heck didn't get that money! I contacted the 401k management company and inquired as to what is happening now and what happened to my money. They researched it (presumably with the old employer) and report back to me that I am not 100% vested. As I recall, when the original Defined Benefit Pension Plan was converted to a 401k, all existing employees were granted a 100% vesting status and any new hires would have a vesting schedule to follow. Anyhow, like I said, I have 20 years worth of statements, some on original company letter head when they were managing the plan, and other statements from several other financial firms that took over the 401k management over the years, all showing me 100% vested in all monies. So, to recap: just a few years back a large portion was withdrawn from my account with no explanation and now they're saying it was because I'm not 100% vested?! Something stinks here, and it's not right that someone has absconded with a lot of my retirement money. Can the old employer get away with this?