Legal Question in Business Law in Illinois

401K Proceeds from loss of job

I lost my job to Corporate Downsizing on February 22nd.

I have asked twice to have my 401K proceeds forwarded to me. They have said they would take care of it both times and I have received no proceeds or correspondence for that matter.

I'm kind of at my wits end here. I have received good references from them when searching for a job, but I'm behind the 8 ball. I don't want to upset anyone at my former employer, but I have every right to my money.

It is now April 15th. 7 weeks have passed since my separation. Should I be concerned about tax issues on this money? Especially if they decide to backdate the check? What are my legal options if they continue to drag their feet?


Asked on 4/15/07, 11:15 am

1 Answer from Attorneys
Noelle Ansley Noelle Ansley

Re: 401K Proceeds from loss of job

Send a formal letter to the HR department, the president/CEO, whoever else might be able to get your money to you. In your letter, remind them of their obligation to get your funds to you and demand that they pay you by a date certain (like two weeks from the date of your letter). If they don't respond or comply, find an attorney.

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Answered on 4/16/07, 12:21 pm


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