Expert: Allen - 4/21/2006

Question
I have a 401K account with my previous employer which I am trying to rollover to an IRA account into my name. The money is all mine, they did not contribute to my account. My previous employer is not processing my request to transfer the funds, I have been trying for 6 months now. Is there a compliance regulation they have to abide by or a time frame in which they must legally process my request? Where do I go from here to get my money?

Answer
The rules regarding timing of distributions from a 401k plan will vary. Most plans provide for distribution shortly after termination of employment. Other say you have to wait a year or so. And still others will say you can't get the money in your account until you reach age 65. The last type is very rare.
The rules are stated in a document known as the Summary Plan Description. You should have received a copy when you first became eligible to participate in the plan. If you can't locate your copy, you can get another copy from the Plan Administrator (Check who this is with the Human Resources Dept.).
If you are entitled to a distribution, I would request it in writing. The request should go to the Plan Administrator. If your request is ignored, you can contact the local office of the U.S. Dept. of Labor Employee Benefit and Security Administration for help.
Good luck.