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    I Left My Old Company And They Tell Me I Have To Wait A Year To Get My 401K Contributions So I Can Roll Them Over Into Another Fund. Is This True? I Am Vested By The Way.

    I took a new job and my previous employers 401K was handled in house and I only received yearly statements and had no choice on where to invest it. I have since left the company and would like to roll that 401K into a fund that is more interested in growth at this point in time. They tell me they cannot get me my money until January 2008 and I resigned in December 2006. Is this legal and or true?

    asked 1 year ago

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    1 Answer


    Boris

    Bad news: They can do this legally. If you look at the SPD (Summary Plan Description) that was given to you when you signed up, if they specified when payouts can occur (like at the end of the plan year) then what they are doing is perfectly legal. It is rather uncommon anymore but some plans still work this way.

    answered 1 year ago   

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