After being released from U on Dec 6 the company and Fidelity have figured out a way to hold on to your vested 401 k money...In my case the company (HR) refuses to provide a discharge date according to Fidelity... that way you may never receive or roll over money as required by law...and risk being penalized...
On 1/22/2003 7:41:30 AM ChairPrefRes wrote:
they just got status this morning so thats good news
In the space of 30 minutes your message and inference went from bad news to something about good news. I don't get it. For some of us without a P.I. license, what, pray tell, does the term "they just got status" mean?
Thanks in advance.[img src='http://www.usaviation.com/idealbb/images/smilies/6.gif']
I called employee benefits today (800 872 4780), with the following questions.
Q: Can the retirement benefits, either currently or in the future, being drawn from the 1994 frozen plan, be reduced? (the genesis of this question was a union source implied this plan could be reduced about 5%, as is was 'underfunded'. I have been unable to verify this)
A: At this time, no.
Q: What about in the future, or if we go Chapt. 7?
A: We don't know.
Q: Can the company access ANY of the funds currently in the 401k plans?
Q: If we go Chapt. 7?
I wonder if the company withheld any payments to the 401k plan, which was terminated 12/31/02?
Obviously, as this comes from the Company, it must be taken with a grain of salt. Anybody got any ideas how to nail this down?
I highly recommend getting an updated projection of your benefits from the frozen plan. You must submit a request in writing with your name and payroll number.
The fax number to submit a request is 856 770 3480
my fidelity 401 k online DCRP statement shows my own and company match deposits were made on Jan. 3 and Jan 17th...base acct contributions were also made on those dates..so I would imagine the money is "safely" in there, no??
And now the union side of this question, from one of the few sources inside the IAM I consider credible.
Frozen plan ok if U emerges from BK. If, however, conditions change, and the company needs more help,this plan could be 'revisited.' If we go chapt 7, the plan will fall under the PBGC's jurisdiction, and the amount you receive may or may not be adjusted - it's spelled out by the PBGC.
Actually the company can intentionaly delay distribution of the 401 k by not releasing information to Fidelity as is required by the plan...As of this evening U has still not provided the required information to Fidelity...They claim there is no way to disperse without this info...(seperation date) So if U closes shop and (HR) is disbanded Fidelity could hold up 401 k's till a judge rules the requirement for dispersment is met...Like I said on the original post watch out for your money...Fidelity and U wont...
Lets put these awful rumors and innuendos to rest about 401 K's,
Chpr res..not sure where you're getting your info from, but IMO you did somehat of a disservice posting this topic and disseminating potential misinfo......why your DEC 6 separation date wasn't posted as such is beyond me, my date was recorded, but read below what Fidelity would have done to remedy it and should have told you the same if you spoke to them(FID) directly>>>>>>>.
Having spoken with an educated sounding fidelity rep today, all 401 k moneys are protected and able to be distributed, assuming you are eligible with tenure and vesting, regardless of U's situation. If U were to close shop tomorrow, Fidelity would eventually have on record a "date of separation" for each employee who lost their job..if it's not immediate notice from US HR, deliberate or not, and within reason, you call Fidelity, they will investigate the situation within a few days, and if warranted will allow you access to your moneys for withdrawal or transfers after 30 days from true separation date,which is the standard practice under normal situations of separation as well.My sep. date is already recorded per their records and I can touch this money any way I want after the initial 30 days has passed.
That there is the story, so no one need worry.At least not about this.