Legal Question in Employment Law in Tennessee
401k rollover
Left my previous company in Aug. 2001. Filed necessary papers for rollover in Sept. 2001. As of today 3/2002, monies have still not been rolled over. There was a change in plan administrators in Nov. 2001. Do I have any legal recourse in getting these monies processed and also in recouping lost interest due to the funds not being processed in a timely manor.
1 Answer from Attorneys
Re: 401k rollover
The first thing for you to do is check with your written plan or plan summary to see if it addresses this issue. The Plan or Summary Plan Description ("SPD") may contain a clause granting the Plan Administrator a certain amount of time to accomplish rollovers. The Plan or SPD may have other provisions which justify the delay you have experienced. If that is the case you may be bound by the remedies contained in the Plan or SPD.
If your Plan Administrator is delaying unreasonably or he is in violation of the terms of the Plan, SPD or Federal law (ERISA) you will have a cause of action for any damages you have suffered. Depending on the type of conduct there may also be a statutory amount of damages which accrue per day for violations of the Act. In any event you should seek legal counsel as soon as possible because delay will only hurt your case.
If I can be of further assistance to you, please feel free to call me at 901.527.5522 or [email protected].
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