I had a 401K with a company I worked for from 2001 to 2002. I left that job due to an injury which later I had to sue the company for my workmans comp money. It was a miserable situation which directly caused me to loose my home, vehicle and everything else I had owned. As for my 401K, could anyone tell me where this money that I put into it went? I never received any notification regarding my contribution. I actually never even thought about it until recently. Did I just lose that money? Thanks for your help.
2007-01-09 00:10:11 · 4 answers · asked by missfries 1 in Business & Finance ➔ Investing
I doubt you lost that money. Most companies now have their 401k plans administered by a third party (like Fidelity). Your former employer can't touch it. All you need to do is find an old statement or call the HR dept. and find out where the money is.
2007-01-09 00:19:38 · answer #1 · answered by morlock825 4 · 1⤊ 0⤋
ERISA was formed in 1974 to protect employees rights for these types of situations. The monies are protected and safe under this ERISA act.
Simply call the HR area of the company and ask who currently is the recordkeeper for the 401(k) plan and how you can contact them directly. I would also asked the employer for a Summary Plan Description "SPD". They are legally required to provide this to all particpants in the plan whether a current or former employee with a balance. This SPD will give you layman's terms of options for distribution, but you qualify for a distribution or IRA rollover simply due to seperation from service.
Good Luck!
2007-01-09 16:50:47 · answer #2 · answered by Kirk S 2 · 0⤊ 0⤋
You should not have lost anything...it should still have made you some money these last five years! Find out who administered the plan...( got an old quarterly report? or year-end report?) GET the name and your account number ..get in touch...DO NOT TAKE the money out....( you'll lose way too much to taxes!!) What you want to do is "rollover" your money into an account with someone like FIDELITY....an account that YOU can manage.....it's not brain surgery or rocket science....you can do it...talk to a rep phone numbers on Fidelity website,
Track down that money...you put it in..it's yours!!
2007-01-09 05:01:53 · answer #3 · answered by jebediabartlett 6 · 0⤊ 0⤋
No you have not lost it ,do you remember the provider? contact them for more info if you can, contact your former employer they were supposed to provide you with this info after you left. I had a simmilar situation happen, got fired while on work comp go figure. Your money prob has been gathering interest this whole time, they owe you. Good luck!
2007-01-09 00:22:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋