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What legal recourse do we have if our former employer is dragging their feet on 401K distributions?
Several former employees and I have been trying for over a year and a half (more in some cases) to get our 401K distributions to rollover into self-directed IRA or new employer 401K plans. The pension management company keeps saying that they are waiting for - first census data, and then now that they've received that, something else (they were not specific) from our former employer.
I've been in contact with the US Department of Labor, and they have contacted the former employer - who had indicated that they were taking care of the problem - and that we should have a distribution in 3 days - this was a month ago. Followup calls with DOL, they were going to try to contact the former employer.
Isn't there some agency that can force this to happen?
Since we are all 100% vested, can't we force our money to be released?
Can't they face big fines for this?
Finally, if we file a lawsuit, can we file for punitive damages?
4 Answers
- Anonymous1 decade agoFavorite Answer
I think you could have a class action lawsuit since there is more than one victim involved. You need to seek legal advice from an attorney that does free consultation and even if he or she can't take the case, they might be able to point you in the right direction.
- 1 decade ago
You are taking the correct steps via contacting the DOL as they are the agency that "forces this to happen". Unfortunately you're limited in your options from here...lawsuit is very very expensive and no you can't file for punitive damages. You're limited by your losses and it's pretty much impossible to prove you've lost anything because you can't present a "I would have rolled it into these funds" argument.
Bottom line...stay with the DOL. If you provide them with enough detail to get them angry about your former employer holding on to the assets it's possible that they will assess a penalty.
- SomaesthesiaLv 51 decade ago
I would suggest getting everyone together with their own personal documentation and talk to several different lawyers who specialize in employment laws. If the lawyer feels theres potential for a class action lawsuit he or she will probably put an ad in the paper and send letters to as many former employees as possible.
- hottotrot1_usaLv 71 decade ago
As far as government help, DOL is the place. Can't you get them to help more?
