The Douglas and Lomason plant in GA closed down. I worked there in the early 90's. I have a 401k and I tried to locate the main ofc, in MI but found no valid numbers. Have I lost all the money I put into the 401k account? I can't even remember the financial institution the 401k is thru...any help would be appreciated! Tnx
2006-11-07 07:44:56 · 6 answers · asked by Janet M 1 in Business & Finance ➔ Personal Finance
The funds should still be in escrow, or what might be called "suspense" if the co is OOB. The 401k firms are actually called the 3rd party admin and have a fiduciary responsibility to both the co and you the participant. I would suggest Googling the info for the defunct co, they likely sold out to another. If they took BK, records of all that are not hard to access. If you were in the employ for more than a year your initial vesting term had likely begun and ther would be some cash there. If you were a long time hire,(more than 10 years), the vesting may have completed and much more of the funds would be avail. Good luck.
BTW, I've heard others mention some sites designed ot help folks recoup lost deposits and other types of funds, check it out before you waste $ on an attorney as a last resort. They use awesome ,(scratch that,....) they have para legals whom use awesome programs designed just for the purpose of locating assets.
2006-11-07 07:54:48 · answer #1 · answered by Lanky 1 · 0⤊ 0⤋
You should have either rec'ved a check for the amount owed to you, or it should have rolled over into an account for you. If you rec'ved no paperwork on it, you may be up a creek. When you enrolled in the 401K, you should have gotten info on what the investments were for and what the last year looked like. If you didn't get anything then I think you got screwed over, and you should look into other options.
2006-11-07 15:55:17 · answer #2 · answered by Another Nickname 3 · 0⤊ 0⤋
Try contacting the Social Security Administration. Your old company should have reported you as a terminated participant who had a deferred vested benefit in the plan.
You might also try FREERISA.COM and look for a 5500 form filed by the old company. You can look under the name of the company. If a form is there you should be able to get the name of the investment manager they were using to try and track down your money.
2006-11-07 15:57:32 · answer #3 · answered by waggy_33 6 · 0⤊ 0⤋
One thing I never invest in ...is a 401k that is internal to the company I work for.
Any 401k that is internal will often be a problem later on.
Its so easy to have external 401k's that wont be affected by a company having problems.
Internal 401k's can be sucked in, externals cant be touched.
2006-11-07 16:05:19 · answer #4 · answered by pcreamer2000 5 · 0⤊ 0⤋
The company was acquired in 1996 by Magna International. (see http://www.autonews.com/files/06worldcongress/anwc_speakers.html )
The Magna International website for employees is http://www.magna.ca/magna/en/employee/foremployees/hotline/default.aspx Try the email hotline to speak with someone. I hope this helps.
2006-11-07 22:35:12 · answer #5 · answered by Steve R 6 · 0⤊ 0⤋
Janet:
Have you tried a broker or perhaps you may be able to receive guidance from the IRS. Just a thought!
2006-11-07 15:58:14 · answer #6 · answered by Fresh choice 4 · 0⤊ 0⤋