In October 2023 my wife's company was purchased, all employees were made to re apply for their job. They were basically all terminated from the old company and hired new with the purchasing company. Her status in the old 401k plan, held by Ascensus, was marked terminated. She was mailed paperwork about transferring her 401k. However the plan administrator at her work told everyone not to fill out that paper work that that a new paper would be filled out due to the entire plan being shut down. So she waited and when they received the new paper work she filled it out and it was submitted early November.
The plan went into black out on November 22nd and she lost access to her online account. The blackout period has no end date, it just said the blackout would run until accounts were liquidated and checks were cut. She was told by the plan administrator at her work checks would be cut by December 15th. She called Ascensus on the 15th and was told accounts have not been liquidated, checks have not been cut. They had no idea when this would happen and could provide no details.
She reached out to the plan administrator at her work who then reached out to Ascensus. The message back was pretty cryptic, something about Ascensus was still verifying account assets and checks might be cut in a few days. Well its been a few days and still no progress.
The 401k plan administrator at her work never handled the 401k plan before as they terminated the others that did handle the plan and shoved this job onto the current person. She does not seem too motivated to resolve issues.
My question is how aggressive should we be in pushing this. Supposedly the 401k plan has to be shutdown before December 31st because the previous company no longer exists.
The plan went into black out on November 22nd and she lost access to her online account. The blackout period has no end date, it just said the blackout would run until accounts were liquidated and checks were cut. She was told by the plan administrator at her work checks would be cut by December 15th. She called Ascensus on the 15th and was told accounts have not been liquidated, checks have not been cut. They had no idea when this would happen and could provide no details.
She reached out to the plan administrator at her work who then reached out to Ascensus. The message back was pretty cryptic, something about Ascensus was still verifying account assets and checks might be cut in a few days. Well its been a few days and still no progress.
The 401k plan administrator at her work never handled the 401k plan before as they terminated the others that did handle the plan and shoved this job onto the current person. She does not seem too motivated to resolve issues.
My question is how aggressive should we be in pushing this. Supposedly the 401k plan has to be shutdown before December 31st because the previous company no longer exists.
Statistics: Posted by SimonJester — Thu Dec 21, 2023 9:48 am — Replies 2 — Views 146