L
lakelog
Guest
I'm not sure if this has been addressed on here or not. I have been looking around but I'm not sure where to ask this.
My husband worked for a company here in SC for 6 1/2 years. He had a retirement plan with them where the company matched what you had put in it each week. The company back last fall filed bankruptcy and then was sold in November to another company.
My husband received papers from the company who has the retirement plan. The first one was called "thrift savings plan and trust termination letter of instruction" and told the employees that "based on information they had received from the company that the employees were required to take distribution from the 401K plan. Options were to roll over, receive annuity or to claim total distribution (cash it out minus a 20% federal tax & penalty) .
He proceeded to fill out forms and mailed them in. This past monday he had a call on machine to call them back. He did and they has no clue why he was asked to call. No one remembered placing a "call out" to him. They said everything was fine and they would be cutting the check shortly. Yesterday (4 days after call) he received a letter stating that he failed to sign something but they didn't send him the paper to sign so he called them back. After months of them "beating around the bush" they said he couldnt' have the money cause the plant merely changed names.
Does anyone know how this should work? We need this money desperately here and wouldn't have even dwelled on it or thought about it if they hadn't sent us the letter requiring him to decide what to do with it. He doesn't currently have 401K taken out nor is he signed up for one. What is going to happen to the money now? We're talking about $10000. WE have kept all correspondence from them including emails that claimes repeatedly that he just needed to fill the form out and have my signature notarized and they would issue the check. We held up our end and even paid $12.45 to express mail it in order to beat a deadline they claimed was on it.
No 2 people at this retirement company will tell you the same thing and no 2 employees at his work place have gotten the same answer. Needless to say , no one yet has gotten their money and haven't rolled it over into a private account either. It sounds to me like they should stand by their word and that something isn't being said here.
My husband worked for a company here in SC for 6 1/2 years. He had a retirement plan with them where the company matched what you had put in it each week. The company back last fall filed bankruptcy and then was sold in November to another company.
My husband received papers from the company who has the retirement plan. The first one was called "thrift savings plan and trust termination letter of instruction" and told the employees that "based on information they had received from the company that the employees were required to take distribution from the 401K plan. Options were to roll over, receive annuity or to claim total distribution (cash it out minus a 20% federal tax & penalty) .
He proceeded to fill out forms and mailed them in. This past monday he had a call on machine to call them back. He did and they has no clue why he was asked to call. No one remembered placing a "call out" to him. They said everything was fine and they would be cutting the check shortly. Yesterday (4 days after call) he received a letter stating that he failed to sign something but they didn't send him the paper to sign so he called them back. After months of them "beating around the bush" they said he couldnt' have the money cause the plant merely changed names.
Does anyone know how this should work? We need this money desperately here and wouldn't have even dwelled on it or thought about it if they hadn't sent us the letter requiring him to decide what to do with it. He doesn't currently have 401K taken out nor is he signed up for one. What is going to happen to the money now? We're talking about $10000. WE have kept all correspondence from them including emails that claimes repeatedly that he just needed to fill the form out and have my signature notarized and they would issue the check. We held up our end and even paid $12.45 to express mail it in order to beat a deadline they claimed was on it.
No 2 people at this retirement company will tell you the same thing and no 2 employees at his work place have gotten the same answer. Needless to say , no one yet has gotten their money and haven't rolled it over into a private account either. It sounds to me like they should stand by their word and that something isn't being said here.