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Hi i recently have left a company and now am being told that to cash out my 401k I will be charged a processing fee of $100 to process the check although its my own money ... is this even legal? On top of that i was told it would take 60days before they can even distribute the funds to me and that's never happened to me before not sure if that is a new law or not as I have quit about 2 weeks ago. Also on another note the company initially told us that they were going to stop using principal and change to the contractors plan. At that time I asked if I could remain with principal and was told I could although the company wouldn't be part of it. Now they're saying they never said that and I only found out because recently I received a quarterly statement that my account balance was zero and when I asked my company why that was their answer was we transferred everyone's money from that 401k to the current 401k plan. I spoke to them and said I never signed anything that would of allowed them to transfer that money and they said well no one did we just transferred it because we are no longer a part of that company. Is that legal for them to do that? I was participating in the new plan but expected my money to stay with principal and now I'm having trouble cashing out my money. I don't know what I should do now because everything already been done for a few months and I'm not a tax or CPA attorney.
1 year, 5 months ago on How to Roll Over Your 401(k) When You Leave or Lose Your Job – The 401k Rollover