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NWR: Not releasing my 401k

RGEC47 Posted:

NWR: Not releasing my 401k

Long story short. My previous employer filed Chapter 7 last year, resulting in my layoff. I tried contacting the 401K company and I was advised that I could not receive my 401k contributions because my previous employer did not pay some employees benefits. I know the company did not pay the employees who worked on State jobs that were Employer Paid. However, I contributed to my 401k, not my employer.

Does anyone know what I should do next? Thanks
rdubs Posted:

Re: NWR: Not releasing my 401k

So where is the money now? Is the 401K administrator holding it because they can't get money they are owed by your old employer?

That makes no sense--you need to speak to a manager or someone there. You should, with the right paperwork be able to transfer your $ out, at least the unvested balance. Do you have your old statements from the 401K plan before your company filed bankruptcy?
RGEC47 Posted:

Re: NWR: Not releasing my 401k

They are holding my funds. The administrator told me they could not release any funds until the employer paid the dues. I told them that I understand the employer did not pay other employees 401k, but I contributed to my plan, not my employer.

I have all of the paperwork and I even access it online and the funds are still sitting there.
StaceYums81 Posted:

Re: NWR: Not releasing my 401k

I would definitely call a financial advisor this does not seem right. Can you withdraw anything from it online???

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